Hyliion and BayoTech Partner to Provide Sustainable Power with Hydrogen Hubs and the KARNO™ Generator

Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a developer of sustainable electricity-producing technology, and BayoTech, an innovator in hydrogen production, transportation and storage solutions, today announced the signing of a Partnership Agreement (Agreement) aimed at leveraging the expertise of both companies to offer comprehensive power solutions to their existing and future customers. The partnership will allow the companies to introduce their innovative solutions to each other's customer bases.

Recognizing the complementary nature of their products and customer needs, the companies have entered into the Agreement to support the advancement of sustainable power generation using hydrogen. Hyliion's innovative KARNO generator, which can operate on multiple fuel types including hydrogen, is designed for a variety of applications such as prime power, renewables matching, and for energy arbitrage. BayoTech’s BayoGaaS^® hydrogen production hubs and their highly efficient, high-pressure transport trailers and storage units aim to ensure a reliable hydrogen supply chain for customers. This partnership will enhance the product offerings of both companies, supporting the shift towards more sustainable power solutions across industries.

“By pairing BayoTech's hydrogen solutions with Hyliion's KARNO generator technology, we will empower customers with a cleaner, more efficient alternative to traditional diesel gensets,” said Mauricio “Mo” Vargas, President and CEO of BayoTech. “Our commitment to revolutionizing the hydrogen supply chain through local production hubs aligns perfectly with Hyliion's mission to deliver net-zero carbon electricity. Together, we're not just challenging the status quo – we're reshaping it for a more sustainable future."

"Hydrogen holds great potential as a zero-carbon energy source, yet its widespread adoption faces infrastructural challenges. Companies like BayoTech solve this problem, allowing customers to use hydrogen in their operations today. Our collaboration will provide a comprehensive solution in the future tailored to customers' needs, accelerating a faster adoption of new power generation technologies," said Thomas Healy, Founder and CEO of Hyliion.

Hyliion's KARNO generator is currently undergoing advanced stages of development and is slated for field deployment with early adopter customers in the latter half of 2024.

About BayoTech

BayoTech, an innovator in hydrogen solutions, is committed to addressing the global need for reliable, cost-effective, and low-carbon hydrogen. BayoTech sites hydrogen production close to demand and distributes it to consumers via high-pressure gas transport and storage equipment. Customers are accelerating the decarbonization of their energy and transportation systems through BayoTech's supply of hydrogen molecules and equipment. Learn more at www.bayotech.us.

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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By pairing BayoTech's hydrogen solutions with Hyliion's KARNO generator technology, we will empower customers with a cleaner, more efficient alternative to traditional diesel gensets,” said Mauricio “Mo” Vargas, President and CEO of BayoTech.