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Hyliion Holdings Corp (NYSE: HYLN) stock spiked 1.75% in the after-hours trading on Wednesday after it announced the formation of an “Innovation Council” made up of industry leaders.
What Happened: The Council, made up of fleet, logistics, and transportation industry leaders, will “actively support” the development of Hyliion’s Hypertruck powertrain solution, according to a statement.
Hyliion’s shares closed unchanged at $10.86 on Wednesday but ended the regular session 16.67% lower than the intraday high of $12.67.
The Council will represent over 100,000 Class 8 commercial trucks globally and will cooperate with the company to provide “key user insights” in the development of the Hypertruck, Hyliion’s electric powertrain.