• Improved model aims to increase efficiency and payload; enhance driver experience

• Hybrid eX to be unveiled at the American Clean Transportation (ACT) Expo on August 31 with customer units shipping later this year

• Hyliion will begin to recognize revenue on Hybrid eX units following launch

Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial semi-trucks, will be unveiling an improved model of its Hybrid system at the American Clean Transportation Expo in Long Beach, California.

Designated the Hyliion Hybrid eX, this updated version of Hyliion’s sustainability-focused hybrid powertrain offers fleets a lighter solution that is easier to install, service, and operate. The Hybrid eX draws upon the real-world feedback Hyliion has received from customers and the millions of miles logged with the previous system.

The Hybrid eX features a number of improvements over the earlier Hybrid configuration, including:

• A simpler, more rugged design with a consolidated battery box that aims to significantly streamline the installation process
• Reduced net system weight, allowing for greater payload
• New e-axle for improved efficiency
• Refined software and cloud connectivity aiming to deliver over-the-air performance and proprietary updates more efficiently
• New automatic traction-assist feature and updated control interfaces striving for improved driver experience
• Cybersecurity advancements to adhere to the latest in industry best practices

“The launch of the enhanced version of our Hybrid powertrain is a major milestone in our Hybrid commercialization process and reflects the ongoing work we are doing to innovate for the benefit of commercial fleets and the environment,” said Thomas Healy, Founder and CEO of Hyliion. “We expect these improvements to make the Hybrid that much easier for fleets to adopt, while also helping them to achieve their ESG and emissions targets.”

Hyliion will unveil the Hybrid eX for the first time today at the ACT Expo in Long Beach, California and is expected to begin shipping Hybrid eX units in the latter part of 2021. Initial recipients include both returning Hyliion customers, and new customers like Werner Enterprises, whose semi-truck will be featured in Hyliion’s booth at the ACT Expo. After the launch of the Hybrid eX product, the company expects to recognize revenue on these units.

Hyliion’s Hybrid solution is designed for Class 8 diesel and CNG commercial trucks, providing fuel savings, performance and other improvements via an energy regeneration powered electric hybrid system, depending on truck configuration and fuel type. Combined with Hyliion’s proprietary software and battery technology, this comprehensive solution—which also contains an integrated hoteling auxiliary power unit (APU) to reduce idling—aims to assist fleets to achieve maximum operational performance, driving progress towards their sustainability goals.

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 2021 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 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. 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.

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