Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a developer of sustainable electricity-producing technology, will host a KARNO Technology Showcase event on Thursday, April 4, 2024, at the Hyliion Cincinnati, Ohio, facility.

The KARNO generator is a fuel-agnostic solution, enabled by additive manufacturing, that leverages a linear heat generator architecture. Modular in design, the generator is expected to deliver up to 50% fuel efficiency, require significantly lower maintenance costs, and have a much lower emissions profile than conventional generators. It will also be capable of operating on over 20 different fuels, including hydrogen, natural gas, propane, ammonia, and other conventional fuels.

The KARNO Technology Showcase event will take place at Hyliion's new facility in Ohio where the majority of the generator development is taking place. This impressive facility can leverage wind and solar power generation onsite and is conditioned to be able to utilize power produced by the KARNO generator.

During the event, the Hyliion team will provide an in-depth presentation of the KARNO technology and address the use of additive printing for producing components. Attendees will also experience a live demonstration in the emissions testing lab, showcasing the system's versatile fuel adaptability and its commitment to low-emission performance.

Attendance at the showcase event is by invitation only and will feature elected officials, customers, strategic partners, investors, media representatives, and other key stakeholders.

In addition to the Ohio facility, Hyliion also maintains its headquarters in Austin, Texas. Spanning 120,000 square feet, this facility is earmarked to become the company's manufacturing hub by late 2024. This strategic expansion highlights Hyliion's commitment to innovation and its ambition to enhance production capabilities, positioning it for continued success in the industry.

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 addressing the commercial space first with a locally deployable generator that can offer prime power, peak shaving, and renewables matching. 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.

Hyliion Holdings Corp. press@hyliion.com

Investor Relations ir@hyliion.com

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