Hyliion Holdings Corp. (NYSE American: HYLN) (“Hyliion”), a developer of modular power plant technology, today announced the successful demonstration of dynamic fuel switching in its KARNO Power Module. The system transitioned between natural gas and propane while under load, maintaining continuous power generation without interruption, shutdown, or hardware changes. This demonstration showcases the KARNO system’s ability to adapt to new fuel sources in real time while still maintaining power output, advancing the future of resilient and sustainable power generation.

The KARNO Power Module is designed to operate on more than twenty fuel types with comparable efficiency and performance across them. Compatible fuels include natural gas, propane, diesel, hydrogen, ammonia, and many others. The system’s software automatically detects the new fuel and adjusts operating parameters in real-time to maintain optimal performance without interruption for the end user.

“The need for reliable, dispatchable power is not waiting for a perfect fuel. It requires flexibility,” said Thomas Healy, Founder and CEO of Hyliion. “The KARNO system gives customers the freedom to choose the energy source that makes the most sense, whether that is the cleanest, the most affordable, or simply the one that is readily available.”

The KARNO technology’s fuel flexibility delivers meaningful advantages across a wide range of real-world applications, including:

• Data centers: Eliminate the need for separate diesel backup systems by switching fuels to maintain continuous operation during supply disruptions.
• Landfill, dairy, and waste to energy projects: Automatically adapt to variations in biogas composition and energy content without manual tuning or downtime.
• Rental and distributed power operators: Use the same KARNO unit across diverse sites, operating on diesel or propane in off-grid locations and natural gas in industrial environments, reducing capital costs associated with single fuel systems.

Unlike traditional generators, the KARNO Power Module uses heat as its primary energy input instead of timed combustion. Its linear generator architecture precisely controls fuel flow and temperature to convert fuels into required heat and then into electricity with ultra-low emissions and high efficiency. While not all of the more than twenty compatible fuels may be available at initial product launch, the technology is designed to support them as commercialization expands.

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 modular power plant technology 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 KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine vessels. 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 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 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. 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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