Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that Rodger L. Boehm, Richard J. Freeland and Melanie Montague Trent will join its board of directors, bringing with them years of power generation, energy and international business industry experience. The three appointments come as Hyliion looks ahead at the experience needed to continue its path to commercialization.

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Rodger L. Boehm, Richard J. Freeland and Melanie Montague Trent will join Hyliion's board of directors (Photo: Business Wire)

With a career spanning 31 years at leading management consulting firm McKinsey & Company, Inc., Boehm served as a senior partner where he led client service in optimizing market and operational performance for global companies in a variety of sectors. Boehm has a Bachelor of Science in Materials Engineering from Purdue University and a Master of Business Administration from Harvard University. He currently serves on the board of directors for FreightCar America and Ruggable, and was previously a board member for Meritor.

Formerly President and Chief Operating Officer at Cummins, Freeland spent his 40-year career with the power solutions manufacturer, successfully leading several business segments and ultimately overseeing all of Cummins’ global operations and international expansion. Freeland holds a Bachelor of Science in Industrial Management from Purdue University’s Krannert School of Management and a Master of Business Administration from Indiana University’s Kelley School of Business. Additionally, he has served on the board of directors for Valvoline, Cooper Standard, Sauer-Danfoss, and Cummins.

Trent spent much of her career working in the energy sector, most recently serving as Executive Vice President, General Counsel and Chief Administrative Officer at global drilling services provider Rowan Companies (now Valaris). During her time there, she oversaw Human Resources, Legal, IT and Communications functions, and co-led a unique joint-venture to own, operate and manage off-shore drilling rigs in Saudi Arabia. Trent received a Bachelor of Arts from Middlebury College and a Juris Doctorate from Georgetown University, and presently serves on the board of directors for Diamondback Energy and Arcosa.

“As Hyliion continues to near the start of production for the Hypertruck ERX™ system, I welcome the breadth of expertise our new board members bring to the table. Hyliion will undoubtedly benefit from their varied professional experiences in their respective industries as well as their extensive knowledge in product development, manufacturing, strategic growth and international operations,” said Thomas Healy, Founder and CEO of Hyliion. “I am pleased that Rodger, Richard and Melanie share in our commitment to making sustainable commercial transportation a reality, and I look forward to their contributions as we continue to bring our innovative technology to market,” Healy continued.

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 28, 2023 for the year ended December 31, 2022. 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.

Ryann Malone press@hyliion.com (833) 495-4466 Kellen Ferris ir@hyliion.com (833) 495-4466

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