Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in sustainable electricity-producing technology, today announced the signing of a non-binding Letter of Intent (LOI) with ANA Inc., a leading provider of innovative and reliable solutions in the mobile industrial equipment industry. ANA plans to procure up to six KARNO™ generators and launch a pilot trial with their customers in the mobile power generation application. The initial deployment will feature one 200kW unit in 2025, with plans to expand to five additional 200kW units across multiple sites following successful validation.

ANA Inc. is one of the top providers of rental equipment with a focus on high-performance generators, compressors, and energy solutions. Recognized as one of the 5000 fastest-growing private companies in the United States, ANA is known for its commitment to innovation and excellence. Mike Niemela, CEO of ANA, stated, "We are excited to pilot Hyliion’s innovative KARNO generator as we continue to provide our customers with reliable and efficient power generation solutions. The KARNO generator’s advanced technology aligns with our mission to deliver cutting-edge, sustainable energy solutions and complements our product portfolio that empowers our customers to achieve greater efficiency in their operations."

The KARNO generator is a groundbreaking linear power generator system powered by heat and advanced through 3D metal printing. With a hermetically sealed design that includes only one moving part per shaft, the generator is engineered for long, low maintenance operation. Its high efficiency, minimal maintenance needs, and quiet operation make it particularly well-suited for mobile applications, with the flexibility to operate on over 20 different fuels, including natural gas.

"Partnering with ANA as our key strategic customer in the mobile rental industry to deploy the KARNO generators in a hybrid configuration marks a significant milestone in bringing our innovative technology to the market. ANA’s expertise in the mobile power market, combined with their commitment to efficiency and sustainability, makes them an ideal partner as we integrate our KARNO generators into their product lineup to address application-specific needs," said Thomas Healy, Founder and CEO of Hyliion.

The partnership between Hyliion and ANA is subject to the execution of a binding agreement, covering volume thresholds, primary responsibilities, and potential commitment to partner with each other exclusively on hybrid power generation solutions for rental market. For more information about Hyliion and its innovative electrification solutions, please visit www.hyliion.com.

About ANA, Inc.

ANA Inc. is a leading provider of innovative and reliable solutions in the equipment industry, specializing in high-performance generators, compressors, and energy solutions. Driven by a mission to “Make Your World Easier,” ANA Inc. combines cutting-edge technology with exceptional service to empower customers across various industries. Known for its exceptional products and commitment to excellence, ANA Inc. continues to push the boundaries of innovation while maintaining a strong focus on customer satisfaction and sustainability. For more information, visit www.anacorp.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 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

ANA Inc. marketingsupport@anacorp.com

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