Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a developer of sustainable electricity-producing technology, today announced the signing of a non-binding letter of intent (LOI) with U.S. Energy™, a leading developer and distributor of refined products, alternative fuels, and environmental credits. Under the terms of the LOI, Hyliion will place a 200kW KARNO™ generator at a U.S. Energy renewable natural gas (RNG) fueling station to ensure reliable and efficient power at the site.

U.S. Energy's RNG fueling stations are leading the way in enabling natural gas adoption in the commercial transportation sector. Integrating Hyliion’s KARNO generator will enhance the station’s energy efficiency and contribute positively to U.S. Energy’s sustainability goals.

“We believe the KARNO generator will provide a reliable source of electricity, aligning with our sustainability and operational excellence goals,” said Mike Koel, president of U.S. Energy. “Hyliion’s innovative technology supports our customer purpose of Finding a Better Way—making sure we’re always pushing boundaries to create efficiencies and site improvements.”

The KARNO generator is a groundbreaking fuel-agnostic solution that utilizes a linear generator architecture to produce electricity both economically and efficiently. Capable of running on various fuels including hydrogen, natural gas, biogas, and propane, the generator offers a lower maintenance cost and a significantly reduced emissions profile compared to conventional technologies.

“We are excited to collaborate with U.S. Energy, a company that shares our commitment to advancing sustainable energy solutions,” said Thomas Healy, Founder and CEO of Hyliion. “The KARNO generator’s versatility and efficiency make it an ideal fit for U.S. Energy’s RNG station, helping to reduce emissions and optimize energy use.”

The LOI between Hyliion and U.S. Energy 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 U.S. Energy

U.S. Energy, a U.S. Venture company, is a leading vertically integrated solutions provider proficient in refined products, alternative fuels, and environmental credits. Over our 70-year tenure, we’ve diversified throughout the energy supply chain—offering realistic, executable strategies that satisfy your economic and environmental goals. From energy project development, distribution, and marketing through wholesale, commercial, and retail channels, we partner with organizations—providing comprehensive support for any fuel or energy type. U.S. Energy’s asset portfolio of more than 35+ refined product terminals, 40 renewable natural gas development projects, 40+ alternative fuel stations, and one forestry project helps our customers Stay Ahead®. Driven to be the very best and most trusted energy solutions provider dedicated to Finding a Better Way toward a sustainable future, U.S. Energy is uniquely positioned to help organizations navigate the evolving energy industry. For more information, visit www.us-energy.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.

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 of 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

U.S. Energy slowney@us-energy.com

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