Hyliion

EV powertrains / clean energyUSA

New to Unitard

📉 Public < $1B

Peak $1.6 BillionToday

−67%

from peak

🦄
Became a unicorn
2020
📈
Peak valuation
$1.6 Billion ’20
💔
Became a Unitard
2022
💸
Last valuation
~$527M

Current status

Public (NYSE: HYLN); pivoted from EV powertrains to the KARNO generator

Live · HYLN· NYSE American

as of 2026-10-23

$2.95▼ 3.28% today

≈ $527 Million market cap · −67.1% from peak

The rise & fall

6 moments · 2015–2024

The key moments, with employee sentiment along the way.

2015

Founded to electrify the semi truck

Thomas Healy starts Hyliion out of Carnegie Mellon to build hybrid and electric powertrains for long-haul trucking.

Wikipedia

Oct 2020

The peak: a $1.6B SPAC debut$1.6B

Merges with Tortoise Acquisition Corp amid the EV frenzy; shares had spiked as high as $58.66.

CNBC

2022

Slips out of the club

No product at scale, and the EV-SPAC trade unwinds.

Macrotrends

2023

Abandons the powertrain

Hyliion winds down its electric-truck powertrain business to bet everything on KARNO, a fuel-agnostic generator.

FreightWaves

Nov 2023

$58.66 to $0.54

The stock touches 54 cents — down more than 99% from its frenzy-era spike.

MarketScreener

2023–24

From the inside · Glassdoor reviews, 2023–24

Glassdoor reviews from the pivot described the powertrain shutdown as abrupt: employees recounted a workforce cut of roughly 80% that landed suddenly, capping years of shifting priorities and unclear direction.

Today

Still in the club — and still trading

Live · HYLN · NYSE Americanas of 2026-10-23

$2.95▼ 3.28% today≈ $527M cap · −67.1% from peak

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Hyliion aimed to electrify long-haul trucking with hybrid and electric powertrains, and went public in October 2020 by merging with the SPAC Tortoise Acquisition Corp at a valuation of about $1.6B. Amid the EV-stock frenzy its shares spiked to $58.66, but it struggled to bring a product to market at scale.

The stock collapsed more than 90% — touching $0.54 in late 2023 — and Hyliion abandoned its electric-truck powertrain to bet on the KARNO, a fuel-agnostic generator.

Source: FreightWaves / CNBC / MarketScreener (~$1.6B valuation via Tortoise Acquisition Corp SPAC, Oct 2020; shares spiked to $58.66 then fell to $0.54 by Nov 2023)

Founder

Thomas Healy
Founder & CEO
Still there — Founder and CEOLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

Disclosed investors (12)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard