Marathon Capital Acts as Exclusive Strategic and Financial Advisor to Hyliion Inc. on its Merger with Tortoise Acquisition Corp. Pro Forma Implied Market Capitalization of the Combined Company Over $1.5 Billion

CHICAGO, June 22, 2020 /PRNewswire/ -- Marathon Capital, LLC ("Marathon") is pleased to announce it acted as exclusive strategic and financial advisor to Hyliion Inc. on its combination with Tortoise Acquisition Corp. (NYSE: SHLL), a publicly traded special purpose acquisition company, including an upsized $325 million fully committed PIPE. The combined entity will be named Hyliion Holdings Corporation and remain on the New York Stock Exchange (NYSE) under the new ticker symbol "HYLN".

Hyliion's mission is to reduce the carbon intensity and greenhouse gas emissions of heavy duty commercial vehicles by being the leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy and efficient system to decrease operating and fuel expenses while seamlessly integrating with their existing fleet operations. It designs, develops and sells electrified powertrain solutions for Heavy Duty Class 8 trucks compatible with any of the leading commercial vehicle manufacturers, transforming the transportation industry's environmental impact at scale.

The combined company will receive $560 million of proceeds from the $325 million PIPE along with at least $235 million of cash held in trust, and the pro forma implied market capitalization of the combined company is over $1.5 billion, at the $10.00 per share PIPE subscription price and assuming no public shareholders of Tortoise Acquisition Corp. exercise their redemption rights.

"Transportation is the leading generator of greenhouse gas emissions. Hyliion's unique electrified powertrain solutions are revolutionizing the industry and enabling the transition to a decarbonized and more sustainable transportation future, while also reducing the total cost of ownership for their customers. It was a pleasure partnering with Thomas and the Hyliion team throughout this important transaction, the next step in their accelerated growth as the leading powertrain provider of electrified solutions for the commercial vehicle industry." – Jeremy Hux, Senior Managing Director and Head of Sustainable and Energy Technologies at Marathon Capital.

"Jeremy has been an invaluable partner and advisor throughout this process," said Thomas Healy, Founder and CEO of Hyliion. "The Marathon team continuously demonstrated their deep industry expertise and the breadth of their knowledge and experience across the merger and financing components of our transaction. Geoff's insights into the equity capital markets were key to our success in transitioning from the private to the public equity markets."

"It was an honor working with Thomas and the Hyliion team on this transformative capital raise transaction," said Geoff Paul, Managing Director and Head of Equity Capital Markets at Marathon Capital. "Hyliion is now well positioned to pursue their vision of becoming the leading powertrain provider of electrified solutions for the commercial vehicle industry. I'm thrilled we were able to partner with Hyliion to facilitate this step forward in Class 8 vehicle electrification."

For additional information please see www.hyliion.com

Contact Information:
Andrea Rosko
Vice President of Marketing
[email protected]

SOURCE Marathon Capital, LLC

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