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) for collaboration with Mesa Natural Gas Solutions (“Mesa”), a leading manufacturer and provider of natural gas generators and microgrids.

The LOI outlines a phased demonstration plan for the KARNO™ Power Module across oil and gas and industrial applications. The LOI includes the purchase of one 200 kW KARNO Power Module and an option to acquire additional Power Modules in 200 kW and 2 MW configurations totaling 2.4 MW in capacity upon completion of successful performance validation. The demonstration will begin with a 200 kW Power Module deployed at a commercial site for stationary power generation using natural gas, followed by deployment at an oil and gas site using wellhead or flare gas.

“This collaboration with Mesa is a meaningful opportunity to showcase the KARNO Power Module’s real-world performance in a demanding application,” said Thomas Healy, Founder and CEO of Hyliion. “We’re excited to demonstrate how the Power Module’s efficiency, fuel flexibility, and scalability can support Mesa’s efforts to deliver reliable and lower-emission power solutions to their customers.”

Mesa sees the KARNO Power Modules as a strategic advancement of its power solutions portfolio. “We are always looking for new technologies that help our customers reduce emissions and increase operational efficiency,” said Scott Gromer, CEO of Mesa. “Hyliion’s KARNO system aligns with our vision of delivering dependable, clean, on-site power and we look forward to evaluating its potential across our energy applications.”

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. 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 Mesa Solutions:

Mesa Solutions is a provider of cutting-edge power solutions, dedicated to delivering innovative and reliable energy solutions tailored to diverse client needs. With a commitment to excellence, Mesa offers a wide range of power generation solutions for commercial and mission-critical applications. Mesa’s team of experts is driven by a passion for quality and customer satisfaction, ensuring that Mesa exceeds expectations in every project undertaken. For more information, please visit www.247mesa.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. 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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