Hyliion Holdings (NYSE:HYLN) has been a painful investment for many. A year ago, it shares were was trading as high as $55 a piece. Yet its been downhill ever since. I cautioned in March that a HYLN stock investment would require patience.

The stock is down nearly 50% since that call. Despite the drop, I haven’t been stressing at all. It’s hard to time the bottom for a stock. However, from the looks of it, HYLN might be forming a bottoming out technical pattern. The support for the stock seems to be $5 and it has held this level multiple times.

As commercialization of Hyliion’s trucks nears, now might be a time to consider a position.

Hyliion is Building an Impressive Team

Hyliion is continuing to build out its management team as it prepares to ramp up for commercialization. The company has hired Dennis Gallagher as chief operating officer. Gallagher has over 20 years of global manufacturing experience most recently as president of Jacobs Vehicle Systems. His experience will be invaluable as he leads Hyliion’s commercialization efforts.

According to a press release from Hyliion CEO Thomas Healy, “He is a seasoned and trusted leader with a laser focus on operational excellence. As COO, he will work closely with me and the rest of our leadership team and will be responsible for implementing industry-leading operational practices to optimize our robust Hypertruck ERX commercialization process.”

The company has also tapped former U.S. Secretary of Transportation and Secretary of Labor, Elaine Chao, to join its board of directors. Her connections — she is married to Senate Minority Leader Mitch McConnell — and knowledge working in the Washington bureaucracy will be a vital asset to Hyliion. Having her on board could help convince companies and regulators to embrace Hyliion’s unique solution to carbon emissions.

Having two prominent persons join the Hyliion team increases my confidence in the company. It tells me that while there may be only a slow drip of announcements so far, the team is hard at work in the background. This can be interpreted as a vote of confidence in the company and a sign that commercialization is on track.

Wins Rack up in Q2

The second quarter of 2021 saw Hyliion achieve significant milestones. The first of which was a reservation for 300 Hypertruck ERX by Detmar Logistics. The Hypertruck of course is Hyliion’s unique electric trucking solution that leverages natural gas. Detmar is a frac sand logistics and delivery company. This means that the trucks that Detmar employs need to meet a certain level of power in order to perform efficiently.

The power of an electric truck is a big question mark whether or not this will see wide adoption in the industry. An electric truck needs to be able to have enough power to haul around its cargo. This order from Detmar points that Hyliion is on the right track. Detmar initially ordered 10 Hyliion Hybrid electric units earlier this year. The fact that they put in an order for the Hypertruck ERX must mean that they are pleased with the results. According to the press release, Hyliion’s Hybrid product received positive feedback from Detmar’s operations team, drivers, and customers.

Hyliion also recently launched an improved version of its hybrid powertrain. This upgraded version is lighter and more rugged. It comes with a host of new features taken from feedback from customers and millions of miles logged.

HYLN Stock Takeaway

I continue to like HYLN stock and believe that the company has plenty of promise. I believe that for Class 8 trucks, Hyliion’s solution is the most practical and immediate. However, it will all boil down to the company’s ability to execute its plans.

HYLN stock is most likely to remain depressed until the company starts commercialization. Given the latest developments though, I believe that it is only a matter of time. If successful, there is plenty of upside in HYLN stock.

On the date of publication, Joseph Nograles held a long position in HYLN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.