Hyliion Holdings Corp. (NYSE: HYLN), a developer of sustainable
electricity producing technology, today announced that it has
entered into a non-binding letter of intent with GTL Leasing LLC
(GTL) for the deployment of KARNO generators. The largest
high-pressure gas transport leasing company in the US, GTL will
bring the KARNO technology to California as a mobile EV charging
solution for its customers where adequate power is not currently
available.
GTL will be a part of Hyliion’s early adoption program of the
KARNO generators with an initial commitment of two generators.
Deliveries for the program will begin in late 2024. Upon successful
deployment, GTL intends to scale adoption of KARNO units as they
expand their portable EV charging business.
“Customers are eager to adopt EVs, but often struggle to deploy
initial charging infrastructure on a schedule that matches their
vehicle adoption plans,” said Michael Koonce, CEO of GTL. “In
California and many other states, fleets often face multi-year
delays to secure a connection to the utility grid. We are,
essentially, the starter kit or interim solution for customers’ EV
power needs.”
As a full solution provider, GTL will be offering a complete
package which includes a KARNO generator, battery buffer, EV
chargers, and maintenance services on a lease basis. These
generators are expected to be capable of operating on both hydrogen
and natural gas, enabling customers to choose which fuel best fits
their economic and environmental initiatives.
National Renewable Energy Laboratory (NREL) anticipates that
182,000 new fast-charging ports will need to be deployed across the
US by 2030 to match the growing adoption of EVs. Each KARNO
generator is expected to produce enough electricity to supply
approximately two fast-charging ports.
"The strategic collaboration with GTL marks a significant
milestone in the commercialization of the KARNO generator, as it
will provide a valuable use case of easily deployable EV charging
coupled with power generation," stated Thomas Healy, Founder and
CEO of Hyliion. "This partnership highlights our commitment to
advancing sustainable electricity production and showcasing the
capabilities of the KARNO generator in an ever-growing market."
The sale of these early KARNO generators is subject to the
execution of a binding purchase agreement between the parties. For
more detailed information about Hyliion and the KARNO generator,
please visit www.hyliion.com.
About GTL Leasing LLC
GTL Leasing was established in 2013 and has grown exponentially
over the last ten years to become the largest lessor of composite
cylinder-based gas transports. Though hydrogen transports represent
the majority of GTL’s fleet, GTL leases trailers for breathing air,
natural gas, and nitrogen applications. As an operating lease
company, GTL can provide its customers with short- and long-term
leases in addition to supplying maintenance services with its own
in-house service team. GTL has facilities in Tulsa, Oklahoma and
Livermore, California.
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.
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Hyliion Holdings Corp. press@hyliion.com
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