General Electric Co. will sell new generator technology to startup Hyliion Holdings and will take about 3 percent of the electric truck startup in the cash-and-stock deal. The system, designed by engineers from GE’s 3D printing division, can run on up to 20 different fuels. The system will be integrated into Hyliion’s next-generation electric truck powertrain platform.
Cedar Park, Texas-based Hyliion will also pay $15 million in cash for General Electric’s assets, as well as related intellectual property and some of the 3D printers needed to manufacture the generators.
Image credit: Hyliion
The deal will commercialize the invention of GE Additive, the 3-D printing division of General Electric Group that was created through an acquisition prior to the arrival of current CEO Larry Culp. The division is housed in GE’s aerospace division.
Currently, several electric vehicle startups are looking for partners to increase their respective chances of survival in the currently depressed market. Not long ago, Canoo reached an agreement with Walmart to sell its electric cars to the latter, while Nikola announced that it had acquired battery startup Romeo Power.
Hyliion is one of a number of electric vehicle-related startups that completed their IPOs through a merger with a special purpose acquisition company (SPAC). As of Aug. 24, the company’s stock price was down about 40% this year and it has fallen about 90% since its IPO in October 2020.
