- Generator to be integrated into Hyliion’s Hypertruck powertrain
platform to offer a next generation fuel agnostic semi-truck
solution
- KARNO generator is expected to be 20%+ more efficient than
today’s leading generators; achieved by 3D printing of thermal
components and innovative fuel to electricity conversion
- Will be capable of operating on over 20 different fuels,
including hydrogen, with significant emissions improvements
Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in
electrified powertrain solutions for Class 8 semi-trucks, announced
today it has entered into a definitive agreement to acquire a new
hydrogen and fuel agnostic capable generator (“KARNO”) from GE
Additive – part of GE (NYSE: GE) – a world leader in metal additive
technologies and manufacturing.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220825005194/en/
The Hyliion KARNO, a next generation
hydrogen and fuel agnostic capable generator, is expected to offer
increased efficiency and meet ultra-low emissions levels on
conventional fuels. (Graphic: Business Wire)
“Solving climate change, whether through adopting electric
vehicles or reducing emissions from manufacturing sites, requires
clean, efficient and dependable electricity. Hyliion will leverage
the KARNO as the next generation generator onboard the Hypertruck,
creating a solution that will operate on various fuel sources that
are available today, while remaining future-proofed to run on
hydrogen when it becomes widely accessible,” said Thomas Healy,
Founder and CEO of Hyliion.
The KARNO generator emerged out of GE’s long-running R&D
investments in metal additive manufacturing across multiple
industries and in areas such as generator thermal and performance
design. Initial testing indicates the KARNO generator is expected
to comply with all current and foreseeable emissions standards,
specifically from CARB and EPA, even when utilizing conventional
fuels.
The technology is expected to achieve a 20%+ efficiency
improvement over today’s conventional generators and could be more
efficient than most available fuel cells. These efficiency
improvements should, in turn, enable fuel cost reductions and
improved vehicle range. The technology should also provide for
significant reductions in noise, vibration, moving parts and
maintenance as compared to current combustion engines.
The KARNO power system will be capable of operating on over 20
different fuels including hydrogen, natural gas, propane, ammonia
and conventional fuels. The technology uses heat to drive a sealed
linear generator to produce electricity. The heat is produced by
reacting fuels through flameless oxidation or other heat sources
including renewables.
In late 2023, Hyliion plans to first release the Hypertruck ERX
powertrain, which leverages a natural gas engine as the generator
onboard. In the years following, Hyliion plans to release the
Hypertruck KARNO, its fuel agnostic variant, as phase two in the
Hyliion journey to a hydrogen-based future. Hyliion will also
explore other adjacent markets to leverage this technology for cost
savings and emissions reductions.
The transaction is subject to customary closing conditions and
is expected to close by the end of Q3 2022. With an acquisition
value of ~$37 million, GE will receive $15 million in cash and
approximately $22 million in Hyliion stock. Hyliion will acquire
the generator technology and integrate the Cincinnati-based
engineering team that created the KARNO system into Hyliion.
KARNO Announcement Conference Call
Hyliion will host a webcast at 12:00 p.m. EST / 11:00 a.m. CST
on Thursday, August 25 to discuss the acquisition and technology in
greater detail. The live webcast of the call, as well as an
archived replay following, will be available online on the Investor
Relations section of Hyliion’s website. Those wishing to
participate can access the call using the link or dial-in
information below:
Webcast:
https://event.on24.com/wcc/r/3916718/AA88C1EC4D32D86AE5EE69A67326FB1E
Conference Call Dial-In Details: Conference ID: 38179
Participant Toll-Free Dial-In Number: 1 (888) 770-7112 Participant
Toll Dial-In Number: 1 (929) 203-1926
About the Hypertruck
The Hypertruck is an electric powertrain that is recharged by an
onboard generator for Class 8 commercial trucks that aims to
provide lower operating costs, emissions reductions, and superior
performance. The initial product variant to come to market is the
Hypertruck ERXTM which leverages an onboard natural gas engine as
the generator. The Hypertruck Fuel Agnostic will leverage the KARNO
fuel agnostic generator to produce electricity. Hyliion also plans
to release a Hypertruck Fuel Cell, which will only operate on
hydrogen.
About Hyliion
Hyliion’s mission is to reduce the carbon intensity and
greenhouse gas (GHG) emissions of Class 8 commercial trucks by
being a leading provider of electrified powertrain solutions.
Leveraging advanced software algorithms and data analytics
capabilities, Hyliion offers fleets an easy, efficient system to
decrease fuel and operating expenses while seamlessly integrating
with their existing fleet operations. Headquartered in Austin,
Texas, Hyliion designs, develops, and sells electrified powertrain
solutions that are designed to be installed on most major Class 8
commercial trucks, with the goal of transforming the commercial
transportation industry’s environmental impact at scale. For more
information, 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, Hyliion’s ability to disrupt
the powertrain market, Hyliion’s focus in 2022 and beyond, the
effects of Hyliion’s dynamic and proprietary solutions on its
commercial truck customers, accelerated commercialization of the
Hypertruck ERX™, the ability to meet 2022 and future product
milestones, the impact of COVID-19 on long-term objectives, the
ability to reduce carbon intensity and greenhouse gas emissions,
the expected performance and integration of the KARNO generator and
system, and the other risks and uncertainties set forth in “Risk
Factors” section of Hyliion’s annual report on Form 10-K filed with
the Securities and Exchange Commission (the “SEC”) on February 24,
2022 for the year ended December 31, 2021. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220825005194/en/
Hyliion Holdings Corp. Ryann Malone press@hyliion.com (833)
495-4466
Sharon Merrill Associates, Inc. Nicholas Manganaro
hyln@investorrelations.com (617) 542-5300
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