Hyliion Holdings Corp. (NYSE American: HYLN) (“Hyliion”),
a developer of sustainable electricity-producing technology, today
announced it has signed a non-binding Letter of Intent (LOI) with
Al Khorayef Group, a leader in power generation with diverse
expertise in industrial machinery, agriculture, and irrigation
solutions. Headquartered in Saudi Arabia and operating in more than
40 countries, Al Khorayef is a key player in the power generation
industry in the Middle East, with its Gulf Power brand at the
forefront.
The LOI outlines plans for Hyliion to deliver up to twelve 200
kW KARNO™ generator units to Saudi Arabia for deployment in
agricultural and other power generation applications. Through this
collaboration, both companies aim to explore the broader potential
of KARNO generators in the regional power generation market,
aligning with Saudi Arabia’s Vision 2030 sustainability goals to
reduce pollutants and enhance food security.
The KARNO generators are expected to initially operate on
liquefied petroleum gas (LPG) and natural gas, with flexibility for
other fuels in the future. This adaptability, combined with the
KARNO generator’s high efficiency, low emissions footprint, minimal
maintenance, and quiet operation, makes it ideal for powering
farms, irrigation systems, and agricultural machinery in remote
locations where grid power is often unavailable or unreliable.
“The agricultural sector requires innovative energy solutions
that not only meet its unique operational demands but also support
sustainability and growth,” said Mr. Mohamed bin Alkhorayef, CEO of
Al Khorayef Group. “Partnering with Hyliion to bring the first
KARNO generators to Saudi Arabia exemplifies our mission to
transform essential resources like energy into tools for progress
and prosperity.”
Al Khorayef Group has a 50-year legacy of pioneering innovative
technologies across industries. With Gulf Power leading its efforts
in power generation, Al Khorayef is committed to advancing
sustainability and fostering economic growth in Saudi Arabia and
beyond.
“Meeting the energy demands of agriculture in remote and
challenging locations requires innovative and efficient solutions,”
said Thomas Healy, Founder and CEO of Hyliion. “We look forward to
working with Al Khorayef to deliver sustainable, reliable power to
support food security and economic growth with adaptable and
efficient energy technologies.”
The LOI between Hyliion and Al Khorayef 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 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 Al Khorayef Group
Al Khorayef Group, established in 1957 and headquartered in
Saudi Arabia, delivers innovative solutions across agriculture,
machinery systems, and energy, with operations in over 40
countries. The Group’s Gulf Power brand, a leading manufacturer of
electrical generators, offers ISO and SASO-certified solutions,
comprehensive engineering services, and exceptional after-sales
support. With a strong focus on quality and innovation, Gulf Power
serves diverse market sectors, ensuring reliable energy solutions
tailored to specific needs. Al Khorayef and Gulf Power remain
committed to Vision 2030, providing reliable and sustainable energy
solutions to foster progress and create a better future.
For further information, please visit www.alkhorayef.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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Hyliion Holdings Corp. press@hyliion.com
Investor Relations ir@hyliion.com
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