Hyliion Holdings Corp. (NYSE: HYLN), a developer of sustainable electricity production technology, today announced that its KARNO generator technology has successfully been tested using untreated natural gas directly from the Permian Basin. This achievement highlights the KARNO generator’s innovative fuel-agnostic capability, and further demonstrates a significant step forward in the efficient utilization of natural resources.

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During a test of the KARNO reactor, the technology showcased the ability to effectively utilize raw, unprocessed field gas to achieve the necessary heat levels for electricity generation while maintaining an ultra-low emissions profile.

“This milestone is particularly noteworthy as it highlights the anticipated operation of the KARNO generator at oil and gas sites, without the prerequisite of purifying most gases,” said Thomas Healy, Founder and CEO of Hyliion. “One of our focus areas for early adoption is the oil and gas industry, as we see an ever-growing demand to reduce harmful flaring.”

Historically, oil and gas facilities will release or flare off excess or unusable gas; however, the KARNO generator is expected to offer the ability to utilize this gas to produce electricity. By converting this untreated gas into electricity, the KARNO generator can offer a dual benefit: significantly reducing emissions compared to standard flaring processes and generating a valuable revenue byproduct for the sites.

The KARNO generator is also expected to be used at oil and gas facilities to power the onsite equipment and replace the use of conventional generators. At many production facilities today, operators transport purified gas in to run the onsite generators. Instead, the KARNO system is expected to operate using the gas coming directly from the site, eliminating extra expenses and logistical complexities.

If you want to learn more about KARNO technology, please join us at Hyliion’s Tech Fireside Chat today, December 12th, at 10:00am CST / 11:00am EST.

Registration link: https://hyliion-inc-karno-fireside-chat-2023.open-exchange.net/

For more detailed information about Hyliion and the KARNO generator, please visit www.hyliion.com.

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, OH, 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 KARNO generator is a fuel-agnostic solution, enabled by additive manufacturing, that leverages a linear heat generator architecture. 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.

Hyliion Holdings Corp. press@hyliion.com

Investor Relations ir@hyliion.com

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