Hyliion Holdings Corp. (NYSE: HYLN), a developer of sustainable electricity-producing technology, today announced that it has begun printing parts for its production-intent design of the KARNO generator (BETA).

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The KARNO generator leverages additive manufacturing for production of many of its components including all critical heat exchangers and thermodynamics systems. This innovative manufacturing process not only enhances the precision and quality of these components but also contributes to the overall improved efficiency of the generator.

“We are thrilled to begin printing the production-intent design of the KARNO generator which showcases another major step on our path to deploying this technology with customers,” said Thomas Healy, Founder and CEO of Hyliion. “The initial 200 kW BETA units will operate at our Cincinnati, Ohio, development facility in order to confirm the superior efficiency levels, ultra-low emissions, and long runtime between maintenance.”

This significant achievement highlights that Hyliion has completed designs of the major components of the BETA version of the KARNO generator, and it is now ready for final validation. Throughout 2024, Hyliion will be completing testing and verification of the BETA generator to prepare for initial deployments to early adopters of the technology later this year. Hyliion will continue to improve the system design and leverage the flexible capabilities of additive manufacturing. Hyliion is well-positioned to meet the milestones previously outlined for the completion of BETA development by the first half of 2024.

Today, Hyliion’s Founder and CEO, Thomas Healy, will be a featured speaker on "Modern Electrification Needs and the Rise of Distributed Power Generation" at the POWERGEN International Conference in New Orleans, LA.

Watch the livestream of the presentation at 2:00 p.m. CT on Wednesday, January 24^th, 2024: bit.ly/3O4ja6A

About the KARNO Generator

The KARNO generator is a fuel-agnostic solution, enabled by additive manufacturing, that leverages a linear heat generator architecture. Modular in design, the generator is expected to show up to 50% fuel efficiency, require significantly lower maintenance costs, and have a much lower emissions profile than conventional generators. It is also capable of operating on over 20 different fuels, including hydrogen, natural gas, propane, ammonia and conventional fuels.

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 distributed power generators 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 addressing the commercial space first with a locally deployable generator that can offer prime power, peak shaving, and renewables matching. 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 www.hyliion.com.

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 the Company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop 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 28, 2023 for the year ended December 31, 2022 and Form 10-Q filed with the SEC on November 8, 2023 for the quarterly period ended September 30, 2023. 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 different 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 www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

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