Latest news with #KARNO
Business Wire
25-06-2025
- Business
- Business Wire
Hyliion Signs Letter of Intent with MMR Power Solutions to Deploy KARNO Power Modules for Stationary Applications
AUSTIN, Texas--(BUSINESS WIRE)-- Hyliion Holdings Corp. (NYSE American: HYLN), a developer of sustainable electricity-producing technology, today announced it has signed a non-binding Letter of Intent (LOI) with MMR Power Solutions, a subsidiary of MMR Group – a leading provider of custom electrical solutions for commercial, industrial and utility applications globally with 5000+ employees and over $6 billion in delivered projects. The LOI outlines plans for MMR to purchase three KARNO™ Power Modules from Hyliion, totaling up to 600 kW of stationary power output, with deployments expected to begin in the second half of 2026. The units are expected to support MMR's growing customer base in the commercial and industrial sectors with efficient, scalable power solutions tailored to local operating conditions. Designed for high efficiency, low emissions, and extended uptime, the KARNO system will offer an alternative to traditional combustion-based generators for on-site, long-duration power needs. 'The LOI with MMR reflects growing industry demand for power solutions that combine efficiency with high reliability,' said Thomas Healy, Founder and CEO of Hyliion. 'We're excited to partner with a company that deeply understands on-site power generation and is focused on delivering dependable, lower-emission power to its customers.' MMR Power Solutions is known for its expertise in electrical and instrumentation systems and serves a broad range of customers across oil and gas, manufacturing, and utility markets. The planned use of the KARNO Power Modules will support power generation at select locations, integrating Hyliion's advanced linear generator technology into MMR's energy solution offerings. Looking ahead, the companies also plan to explore the use of KARNO systems in combined heat and power (CHP) configurations—an approach that captures waste heat to improve overall system efficiency. Unlike conventional generators, the KARNO Power Modules heat-engine architecture makes it well-suited for combined heat and power (CHP) applications, where both electricity and usable thermal energy are captured to improve overall system efficiency. 'At MMR, our customers rely on us to deliver forward-looking power solutions that meet operational needs without compromising on reliability or efficiency,' said Brian Beaty, Director of Operations of MMR Power Solutions. 'Hyliion's KARNO technology is an exciting opportunity to introduce cleaner generation with the added benefit of fuel flexibility. We look forward to evaluating its performance and further integration into our portfolio of energy systems.' The LOI between Hyliion and MMR Power Solutions is non-binding and subject to the execution of a definitive purchase agreement. About Hyliion: Hyliion is committed to creating innovative solutions that enable clean, flexible, and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit About MMR Power Solutions: During the 2001 California electricity crisis, large energy users faced unprecedented grid instability and price volatility, forcing many to seek onsite power generation to protect their business operations. MMR Group launched its Power Solutions business to meet this demand for reliable power and thermal energy. MMR strives to provide their customers with exceptional value and the highest level of service and quality, while completing projects in the safest and most efficient manner possible. MMR Power Solutions develops, owns, and operates onsite energy facilities using cogeneration, solar, and/or energy storage to meet the energy needs of large commercial and industrial customers cost-effectively and reliably. Specializing in distributed generation energy services, MMR Power Solutions can improve electrical service reliability, reduce electrical costs, and maximize thermal energy efficiencies by developing and designing a system ideally suited for your facility's needs. For further information, please visit Forward Looking Statements The information in this press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words 'could,' 'should,' 'will,' 'may,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage Company with a history of losses; our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business, and the other risks and uncertainties described under the heading 'Risk Factors' in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the 'SEC') on February 25, 2025 for the year ended December 31, 2024. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings.
Yahoo
22-06-2025
- Business
- Yahoo
This Clean Energy Penny Stock Has U.S. Military Backing. Should You Buy It Now?
At the end of May, Hyliion (HYLN) caught the market's eye with a breakthrough that turned the tide in its favor. The company secured selection from the Air Force and the Department of Defense's Chief Digital and Artificial Intelligence Office to meet a critical operational need. Hyliion will supply its KARNO power modules which will help the Air Force maintain essential functions during fuel supply disruptions by effortlessly switching between available fuels. Investors reacted swiftly, sending HYLN stock up by 50% on May 28. The 'Golden Era' for Tesla Starts June 22. Should You Buy TSLA Stock First? 3 Highly-Rated Dividend Stocks You've Probably Never Heard Of (But Should) AMD Just Landed a New Microsoft Partnership. Should You Buy AMD Stock Here? Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Having earned status to directly support the Air Force, Hyliion now stands on firmer ground and can help the military's shift toward a more flexible and resilient energy framework. With a significant catalyst behind it and a nearly 50% upside potential, how should you play HYLN stock here? Hyliion (HYLN), is currently valued at $251 million. The company develops generators for stationary and mobile use. Its flagship KARNO generator operates on conventional fuels, landfill and wellhead gas, plus renewable hydrogen and ammonia, delivering versatile, efficient distributed power solutions across a wide range of energy sources. Despite the broader market winds pushing against it, with a year-to-date decline of 47.5%, HYLN has now turned the tables. Over the past month, the stock has climbed by nearly 9%, in attempt to turnaround its story. On May 13, Hyliion released its first-quarter earnings report for 2025, revealing results that fell short of Wall Street's projections. The company reported revenue of $489,000, primarily derived from research and development services under its contract with the Office of Naval Research. The figure lagged the anticipated $1.1 million. The cost of revenue stood at $477,000, leading to a near-breakeven gross margin for the quarter. Operating expenses climbed 3.9% to $19.7 million, driven by an increase in R&D spending, which surged to $12.2 million from $8 million in Q1 2024. The jump reflected intensified activity in additive manufacturing, procurement of long-lead components, and escalating costs tied to ongoing development of KARNO Power Modules. The bottom line showed net loss widening 10.7% to $17.3 million. Loss per share grew 11.1% year over year coming in at $0.10, missing the expected $0.08 per-share loss. Consequently, the company now anticipates full-year 2025 cash outlays around $65 million, an increase from its previous $60 million guidance. Hyliion has maintained its full-year revenue guidance of $10 million to $15 million, propelled by KARNO module sales and ongoing R&D services, while projecting a year-end cash and investment balance near $155 million. Analysts, meanwhile, foresee the Q2 loss per share widening by 50% to $0.09 and full-year 2025 losses increasing by 17.9% to $0.33. The outlook for 2026, however, shows a silver lining, with loss per share expected to narrow by 3% to $0.32. Despite unveiling fresh developments and forging new collaborations, Hyliion finds itself grappling with sluggish revenue growth and mounting operational expenses. A single announcement of a military partnership, while promising, falls short of igniting strong investor confidence in the stock. Currently, HYLN carries a 'Hold' consensus with only one analyst in coverage. That analyst has a price target of $2 on shares, representing upside potential of nearly 50%. On the date of publication, Aanchal Sugandh did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Business Wire
28-05-2025
- Business
- Business Wire
Hyliion KARNO Power Module selected by US Air Force and DOD Chief Digital and Artificial Intelligence Office Under Military Multi-Fuel Initiative
AUSTIN, Texas--(BUSINESS WIRE)-- Hyliion Holdings Corp. (NYSE American: HYLN), a leading provider of innovative KARNO™ Power Modules, announced today that they were selected by the Department of the Air Force and the Department of Defense's Chief Digital and Artificial Intelligence Office (CDAO) to respond to a validated operational requirement within the Air Force to maintain critical operations during fuel supply disruptions by allowing seamless transitions between available fuels. Having achieved 'Awardable' status, Hyliion can now directly support the Air Force's transition toward more resilient energy sources, reducing reliance on one fuel and enabling integration of alternative fuels in-line with DoD energy strategy. Hyliion was selected through the CDAO's innovative solicitation process known as the Tradewinds Solutions Marketplace, which is designed to accelerate the procurement and adoption of mission critical technologies, such as Artificial Intelligence, Machine Learning, and resilient energy technologies. 'The Air Force leveraged the Tradewinds solicitation process to quickly collaborate with innovative American companies to enhance our ability to maintain critical operations during fuel supply disruptions, simplify logistics, and reduce procurement and maintenance costs over time,' said Mr. Kirk Phillips, Director, Air Force Office of Energy Assurance. 'Being featured on the Tradewinds Solutions Marketplace is a significant milestone for Hyliion,' said Thomas Healy, Founder and CEO of Hyliion. 'It validates the strategic value of our KARNO technology and underscores our commitment to supporting government missions. We are excited to play a role in reducing logistical burdens and increasing agility by eliminating the need for separate generators for each fuel type.' The KARNO system's versatility across fuel types and its superior environmental footprint makes it ideal for dynamic and remote deployment scenarios where resilience, efficiency, and sustainability are paramount. Hyliion was recognized among a competitive field of applicants to the Tradewinds Solutions marketplace whose solutions demonstrated innovation, scalability, and potential impact on DoD missions. Government customers interested in viewing the video solution can create a Tradewinds Solutions Marketplace account at About Hyliion Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNO TM Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. Visit to learn more. About the Tradewinds Solutions Marketplace The Tradewinds Solutions Marketplace is a digital repository of post-competition, readily awardable pitch videos that address the Department of Defense's (DoD) most significant challenges in the Artificial Intelligence/Machine Learning (AI/ML), data, and analytics space. All awardable solutions have been assessed through complex scoring rubrics and competitive procedures and are available to Government customers with a Marketplace account. Government customers can create an account at Tradewinds is housed in the DoD's Chief Digital Artificial Intelligence Office. For more information or media requests, contact: Success@ About the Air Force Office of Energy Assurance The Air Force Office of Energy Assurance (AF OEA), a directorate of the Air Force Civil Engineer Center (AFCEC), develops energy solutions that close energy resilience gaps and strengthen our nation's Air Force and Space Force installations at home and abroad. By leveraging the expertise of the energy community, AF OEA builds tailored energy solutions for each installation that are resilient, innovative, and cost-effective. For more information visit For more information or media requests, contact: Success@ Forward Looking Statements The information in this press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words 'could,' 'should,' 'will,' 'may,' 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project,' the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading 'Risk Factors' in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the 'SEC') on February 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings.
Yahoo
28-05-2025
- Business
- Yahoo
Hyliion KARNO Power Module selected by US Air Force and DOD Chief Digital and Artificial Intelligence Office Under Military Multi-Fuel Initiative
AUSTIN, Texas, May 28, 2025--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE American: HYLN), a leading provider of innovative KARNO™ Power Modules, announced today that they were selected by the Department of the Air Force and the Department of Defense's Chief Digital and Artificial Intelligence Office (CDAO) to respond to a validated operational requirement within the Air Force to maintain critical operations during fuel supply disruptions by allowing seamless transitions between available fuels. Having achieved "Awardable" status, Hyliion can now directly support the Air Force's transition toward more resilient energy sources, reducing reliance on one fuel and enabling integration of alternative fuels in-line with DoD energy strategy. Hyliion was selected through the CDAO's innovative solicitation process known as the Tradewinds Solutions Marketplace, which is designed to accelerate the procurement and adoption of mission critical technologies, such as Artificial Intelligence, Machine Learning, and resilient energy technologies. "The Air Force leveraged the Tradewinds solicitation process to quickly collaborate with innovative American companies to enhance our ability to maintain critical operations during fuel supply disruptions, simplify logistics, and reduce procurement and maintenance costs over time," said Mr. Kirk Phillips, Director, Air Force Office of Energy Assurance. "Being featured on the Tradewinds Solutions Marketplace is a significant milestone for Hyliion," said Thomas Healy, Founder and CEO of Hyliion. "It validates the strategic value of our KARNO technology and underscores our commitment to supporting government missions. We are excited to play a role in reducing logistical burdens and increasing agility by eliminating the need for separate generators for each fuel type." The KARNO system's versatility across fuel types and its superior environmental footprint makes it ideal for dynamic and remote deployment scenarios where resilience, efficiency, and sustainability are paramount. Hyliion was recognized among a competitive field of applicants to the Tradewinds Solutions marketplace whose solutions demonstrated innovation, scalability, and potential impact on DoD missions. Government customers interested in viewing the video solution can create a Tradewinds Solutions Marketplace account at About Hyliion Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNOTM Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. Visit to learn more. About the Tradewinds Solutions Marketplace The Tradewinds Solutions Marketplace is a digital repository of post-competition, readily awardable pitch videos that address the Department of Defense's (DoD) most significant challenges in the Artificial Intelligence/Machine Learning (AI/ML), data, and analytics space. All awardable solutions have been assessed through complex scoring rubrics and competitive procedures and are available to Government customers with a Marketplace account. Government customers can create an account at Tradewinds is housed in the DoD's Chief Digital Artificial Intelligence Office. For more information or media requests, contact: Success@ About the Air Force Office of Energy Assurance The Air Force Office of Energy Assurance (AF OEA), a directorate of the Air Force Civil Engineer Center (AFCEC), develops energy solutions that close energy resilience gaps and strengthen our nation's Air Force and Space Force installations at home and abroad. By leveraging the expertise of the energy community, AF OEA builds tailored energy solutions for each installation that are resilient, innovative, and cost-effective. For more information visit For more information or media requests, contact: Success@ Forward Looking Statements The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading "Risk Factors" in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings. View source version on Contacts Hyliion Holdings Investor Relationsir@
Yahoo
21-05-2025
- Business
- Yahoo
Hyliion and Alkhorayef Join Saudi–U.S. Investment Forum During U.S. Presidential Visit, Signing Strategic MOU for $1 Billion Business Opportunity in the Energy Sector
AUSTIN, Texas, May 21, 2025--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE American: HYLN), developer of the innovative KARNOTM Power Module, and Alkhorayef Industries Company, a leading Saudi Arabian industrial conglomerate, announced the signing of a strategic memorandum of understanding (MOU) during the Saudi–U.S. Investment Forum 2025 in Riyadh. The MOU establishes a collaborative effort to validate, adapt, scale, and assemble KARNO Power Modules for the Saudi Arabian market, outlining a potential $1 billion business opportunity. The investment forum was held in conjunction with the state visit of President Donald J. Trump, where $600 billion in investment agreements were signed during the event, reinforcing the growing economic ties between the U.S. and Saudi Arabia. Hyliion's American-developed KARNO technology offers a transformative approach to addressing the Kingdom's growing energy needs. This collaboration is strategically aligned with Saudi Arabia's Vision 2030 agenda and supports both companies' long-term goals. As the Kingdom accelerates industrial development and infrastructure growth, demand for reliable, decentralized, and sustainable energy solutions is increasing rapidly. Hyliion's fuel-agnostic KARNO Power Modules are designed to deliver high efficiency, ultra-low emissions, and minimal maintenance, making it an ideal fit for critical applications where energy resilience and uptime are essential. Thomas Healy, Founder and CEO of Hyliion, remarked, "This MOU reflects the power of U.S.–Saudi collaboration and the importance of American innovation on the global stage. We're proud to work with Alkhorayef to bring cutting-edge energy solutions to the Kingdom." "At Alkhorayef Industries, we are committed to advancing sustainable technologies that drive progress across industries and communities," said Mohammed Alkhorayef, CEO of Alkhorayef Group Company. "Hyliion's KARNO Power Module represents a significant leap forward in clean power generation. Through this partnership, we are proud to contribute to Saudi Arabia's clean energy transformation and deliver solutions that align with the goals of Vision 2030." Following the successful completion of KARNO Power Module early deployments in the U.S., Hyliion and Alkhorayef Industries Company will, under this MOU, jointly pursue the following initiatives: Conduct a comprehensive validation of two KARNO Power Modules in Saudi Arabia in 2026, focusing on performance under high ambient temperatures, local fuel types, and elevated altitudes. Customize solutions to meet the region's unique energy requirements, including compatibility with LPG, hydrogen, ammonia, and other alternative fuels. Explore and establish regional partnerships to scale KARNO Power Module assembly and deployment across the Kingdom. Alkhorayef Industries Company's GulfPower division will lead the local execution of the KARNO deployment strategy, ensuring compliance with Saudi environmental regulations, grid standards, and site-specific performance requirements. In alignment with initiatives from the Ministry of Environment, Water and Agriculture (MEWA) and the Saudi Electricity Company (SEC), Alkhorayef Industries Company's sees the KARNO Power Module as a powerful tool to support the Kingdom's energy diversification and long-term sustainability goals. This MOU builds on the Letter of Intent (LOI) signed in December 2024, advancing the relationship from early-stage collaboration to actionable plans. The companies intend to validate and begin deploying KARNO power solutions in Saudi Arabia starting in 2026. Both the MOU and LOI are non-binding and are subject to the execution of definitive agreements. About Hyliion Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company's primary focus is to provide modular power plant technology that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable KARNOTM Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit About Alkhorayef Group Company Alkhorayef Group Company (AGC), established in 1957 and headquartered in Saudi Arabia, delivers innovative solutions across agriculture, machinery systems, and energy, with operations in over 40 countries. Alkhorayef Industries Company's GulfPower brand, a leading manufacturer of electrical generators, offers ISO and SASO-certified solutions, comprehensive engineering services, and exceptional after-sales support. With a strong focus on quality and innovation, GulfPower serves diverse market sectors, ensuring reliable energy solutions tailored to specific needs. Alkhorayef Group Company remains committed to Vision 2030, providing reliable and sustainable energy solutions to foster progress and create a better future. Forward Looking Statements The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading "Risk Factors" in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion's operations and projections can be found in its filings with the SEC. Hyliion's SEC Filings are available publicly on the SEC's website at and readers are urged to carefully review and consider the various disclosures made in such filings. View source version on Contacts Hyliion Holdings Corp. press@ Investor Relations ir@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
