Hyliion Holdings Corp. (NYSE: HYLN) ("Hyliion"), a developer of sustainable electricity-producing technology, has been awarded a $15+ million contract by the Office of Naval Research (ONR) to develop its groundbreaking KARNO^TM generator for Navy ships and stationary power applications.

Upon successful validation and demonstration, the Hyliion KARNO generator could be used as a power system in future platforms, providing US Naval operations with scalability and flexibility while significantly reducing maintenance, emissions, and fuel consumption.

"At Hyliion, we are dedicated to delivering innovative power generation solutions that prioritize our customers' need for efficiency and reliability,” said Thomas Healy, Founder and CEO of Hyliion. "This new partnership with the ONR is a testament to the performance and potential of our KARNO generator technology. We're incredibly proud to contribute to the future of the US military and help them achieve their power generation goals."

The KARNO generator is an innovative linear generation system powered by heat and enabled by 3D metal printing. Its hermetically sealed architecture, with only one moving part per shaft, is designed for maintenance-free operation over long running hours. The generator’s efficiency, low maintenance, and quiet operation make it ideal for powering naval vessels.

This contract aligns perfectly with the ONR's strategic objective to leverage advanced technology for reducing carbon footprint and enhancing operational efficiency. The KARNO generator is highly versatile, providing adaptable power solutions to meet the unique demands of US Naval operations in maritime environments. Similarly, with its flexibility and form factor, the KARNO generator can potentially meet additional US Defense needs for reliable power in stationary applications without compromising on economics and emissions footprint.

For more information on Hyliion or 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, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable generator that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. 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.

About the Office of Naval Research (ONR):

The Department of the Navy’s Office of Naval Research provides the science and technology necessary to maintain the Navy and Marine Corps’ technological advantage. Through its affiliates, ONR is a leader in science and technology with engagement in 50 states, 55 countries, 634 institutions of higher learning and nonprofit institutions, and more than 960 industry partners. ONR, through its commands, including headquarters, ONR Global and the Naval Research Laboratory in Washington, D.C., employs more than 3,800 people, comprising uniformed, civilian and contract personnel.

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 company with a history of losses; our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability 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 13, 2024 for the year ended December 31, 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 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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