Next-gen KARNO^™ generator can operate on 20+ different fuel sources, including hydrogen, and initial testing indicates it’s expected to comply with current and foreseeable emissions standards

Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial semi-trucks, today announced the unveiling of its groundbreaking Hypertruck KARNO demonstration vehicle at the Advanced Clean Transportation Expo (“ACT”) in Anaheim, California on May 2, 2023. The featured semi-truck employs a first-of-its-kind electric range extender powertrain that can be refueled with both hydrogen and natural gas.

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“At Hyliion, we are delivering practical solutions that cater to fleets' current needs while continually developing cutting-edge products that seize the opportunities of tomorrow,” commented Thomas Healy, Founder and CEO of Hyliion. “While our focus remains on the 2023 production launch of the Hypertruck ERX™, a renewable natural gas electric range extender powertrain, we are also developing the Hypertruck KARNO as part of our transition to offer fleets fuel flexibility,” Healy added.

The KARNO generator is expected to show an improvement in fuel efficiency and a significantly lower emissions profile versus conventional generators. It will also be capable of operating on over 20 different fuels including hydrogen, natural gas, propane, ammonia and conventional fuels.

Hyliion acquired the KARNO generator technology from GE Additive last August to provide a next-generation generator for integration into its powertrain platform and to be used for distributed grid stationary power applications. The KARNO technology is a linear motor heat generator that leverages advanced 3D metal printed components and proprietary flameless oxidation technology to produce clean electricity.

In ACT booth 6327, Hyliion will display the Hypertruck KARNO demo truck and offer comprehensive technology overviews. Additionally, Hyliion will feature the Hypertruck ERX powertrain solution as part of the expo’s ride & drive experience. Both the Hypertruck ERX system and Hypertruck KARNO leverage Hyliion’s state-of-the-art electric powertrain but offer distinct onboard power generation technologies.

The exhibited Hypertruck KARNO vehicle is intended for product demonstration at ACT Expo and will be subsequently used for continued development, testing and validation. This vehicle underscores Hyliion's commitment to a net-carbon-negative global commercial transportation industry.

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 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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