Hyliion's KARNO generator achieves successful grid matching in Ohio, a key step in validating the technology’s capability in grid-tied applications

Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a developer of KARNO generator and electric powertrain technologies, today announced that its innovative KARNO generator has successfully provided power to the electric grid. This achievement is a major step in technology development, and further demonstrates the generator’s viability in distributed grid applications.

The rising demand for electricity is outpacing the capabilities of conventional power plants and the grid, creating a greater need for localized power generation. As a fuel-agnostic system that offers high efficiency and low emissions, the KARNO generator provides a practical solution for prime power needs, as well as grid relief and cost savings through applications like peak shaving and net metering.

During continued testing, Hyliion demonstrates a distributed grid model in Ohio, where the KARNO generator interfaces seamlessly with the grid, matching voltage, frequency, and power factor. By creating the ability to augment power locally, the KARNO generator can help stabilize and reduce dependency on the grid. Because the generator is fuel agnostic and thus adaptable to zero carbon fuels as they become available and economic, the KARNO is a future-proof investment that can produce local power now and for years to come.

“The KARNO generator successfully feeding power back to the grid demonstrates our advancement in addressing rising power needs. As growing demand challenges the grid's capability, the versatility of our solution is crucial. KARNO technology is carving a promising path toward decentralized power generation, aligning with the broader goals of electrification and green energy,” said Thomas Healy, Founder and CEO of Hyliion.

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 reducing emissions in commercial vehicles. The company’s primary focus is providing electrified solutions that offer fleet operators an opportunity to decrease fuel and operational costs, while integrating into existing operations. Headquartered in Austin, Texas, Hyliion designs and develops electrified powertrain solutions suitable for a wide range of Class 8 semi-trucks. Beyond powertrains, Hyliion is developing the KARNO system: a fuel-agnostic, additive manufacturing-enabled generator designed for both heavy-duty transport and stationary power generation, promising heightened efficiency and decreased emissions. The company aims to offer innovative, yet practical solutions to contribute positively to the environment in the commercial transport sector. 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; our ability to disrupt the powertrain market; the effects of our dynamic and proprietary solutions on commercial truck customers; the ability to accelerate the commercialization of the Hypertruck ERX; our ability to meet 2023 and future product milestones; the impact of COVID-19 on long-term objectives; the ability of our solutions to reduce carbon intensity and greenhouse gas emissions, the expected performance and integration of the KARNO generator and system; the outcome of the strategic review of the powertrain business conducted by the board of directors, and the other risks and uncertainties described under the heading “Risk Factors” in our other 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. 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.

Hyliion Holdings Corp. Ryann Malone press@hyliion.com (833) 495-4466 Kellen Ferris ir@hyliion.com (737) 292-8649

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