Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a developer of sustainable electricity-producing technology, is pleased to announce that it has been awarded a Small Business Innovation Research (SBIR) government contract by the United States Navy. Phase 1 of the award, N241–060, will allow Hyliion to create a preliminary design of a modular generator system that integrates the Navy’s specifications with Hyliion’s cutting-edge KARNO^™ generator technology.

With this contract, Hyliion will showcase a design concept of the KARNO generator in a megawatt-scale modular system. The system will be engineered to offer a versatile and flexible approach to meet the U.S. government's Unmanned Surface Vessel (USV) cross-platform requirements, scalable to various power needs and adaptable to the available platform space. Hyliion plans to leverage its foundational 200-kilowatt (kW) KARNO genset, combining multiple units together to achieve the desired power output.

“We are honored to receive this SBIR contract from the United States Navy,” said Thomas Healy, Founder and CEO of Hyliion. “This award is a testament to the KARNO generator’s expected ability to offer efficient, flexible, and low-maintenance power generation. We are excited to contribute to the Navy’s mission and explore higher power solutions for their USV initiative.”

The SBIR program is an initiative that supports scientific excellence and technological advancements by investing federal research funds in key American priorities aimed at strengthening the national economy and defense infrastructure. The primary objective of the N241-060 program is to develop and demonstrate a megawatt (MW) scale, ultra-reliable, and efficient USV modular generator concept tailored to the Navy’s requirements. This concept involves configuring smaller kW-scale building block power units in a high-density package to achieve a 4,000-hour no-touch maintenance periodicity for continuous operation in a naval environment.

This government contract underscores Hyliion's commitment to innovation and its leadership in developing sustainable energy solutions. The KARNO generator, with its exceptional form factor and ability to operate on multiple fuels, including NATO F-76, is ideally suited for the Navy’s USV program. The system’s hermetically sealed architecture, with only one moving part per shaft, is designed for maintenance-free operation over long running hours.

For more information on Hyliion or the KARNO generator, please visit www.hyliion.com.

For additional details on the SBIR, please visit https://www.navysbir.com/n24_1/N241-060.htm.

About the KARNO Generator

The KARNO generator is a linear heat generator that leverages advanced 3D metal printed components and proprietary flameless oxidation technology to produce clean electricity. Modular in design, the generator is expected to show an improvement in 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 initially targeting the commercial and waste management industries with a locally deployable generator 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 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 of the 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 13, 2024 for the year ended December 31, 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 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 www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

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