Hyliion and Victory Execute Letter of Intent to Deploy up to 10 KARNO™ Generators to H2 Energy Group

Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a developer of sustainable electricity-producing technology, Victory Clean Energy Inc. (OTC : VYEY) ("Victory"), a trailblazer in the green hydrogen energy sector, today announced they have entered into a non-binding letter of intent (LOI). Under the terms of the agreement, Victory will purchase up to 10 KARNO generators, to be deployed in the Hydrogen production facilities of their subsidiary, H2 Energy Group (H2EG). Specializing in green hydrogen production from renewable biomass, H2EG intends to utilize the KARNO generators to produce electricity using the hydrogen-rich syngas derived from the biomass to power their operations.

Under the terms of the LOI, H2EG is slated to receive their first five KARNO generators in the second half of 2025, each capable of producing an estimated power output of 200 kW, with a total capacity of 1MW. H2EG also plans to leverage the KARNO generators combined heat and power capabilities and utilize the excess heat to improve efficiencies in their manufacturing process. The LOI also includes the option for H2EG to purchase an additional five KARNO generators upon the successful deployment of initial units.

"Green Hydrogen, generated from renewable or low-carbon sources, plays a vital role in advancing global sustainability efforts. At H2EG, we take pride in producing Green Hydrogen from renewable biomass at competitive economics using existing technologies," said Christopher Headrick, Founder and Executive Chairman of H2EG. "Working with companies like Hyliion further strengthens our leadership in sustainability and enhances the efficiency of our hydrogen production facilities."

The KARNO generator is a fuel-agnostic solution that leverages a linear generator architecture to produce electricity economically and efficiently. Modular in design, the generator is expected to run on a range of fuels such as hydrogen, RNG, biogas, propane, and others, require significantly lower maintenance costs, and have a much lower emissions profile than conventional technologies.

"Hyliion is thrilled to partner with H2EG, whose groundbreaking method for producing Green Hydrogen from renewable biomass is instrumental in propelling clean energy initiatives forward. With our robust architecture and versatility to run on syngas, Hyliion’s KARNO generator will be well-suited for providing reliable heat and power to meet H2EG’s hydrogen production requirements,” said Thomas Healy, Founder and CEO of Hyliion.

The LOI between Hyliion and H2 Energy Group is subject to the execution of a binding purchase agreement. For more information about Hyliion and its innovative electrification solutions, please visit www.hyliion.com.

About H2 Energy Group

H2 Energy Group, Inc., based in Austin, Texas, utilizes cutting-edge technology to economically produce Sustainable and Renewable Hydrogen and Electricity from biomass in remote locations without reliance on the power grid. For more information, visit www.h2eg.com. H2 Energy Group is a wholly owned subsidiary of Victory Clean Energy.

About Victory Clean Energy

Victory Clean Energy is an innovative Green Hydrogen energy company dedicated to developing and implementing clean, sustainable low-cost energy solutions with applications across various industries, including transportation, power generation, and industrial processes. The Company's pioneering TrueGreen Hydrogen™ production solutions aim to provide clean, reliable, and cost-effective energy sources to a diverse range of clients. TrueGreen Hydrogen™ positions the Company as a formidable force in the low-cost Green Hydrogen sector, focusing on decarbonization in heavy transportation and industrial Hydrogen markets. With this commitment, Victory Clean Energy is dedicated to shaping a sustainable and cleaner future for industries and communities worldwide. Learn more at www.vyey.io.

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.

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; 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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H2EG is slated to receive their first five KARNO generators in the second half of 2025, each capable of producing an estimated power output of 200 kW, with a total capacity of 1MW.