Hyliion Executes a Letter of Intent to Provide KARNO Generators to GTL Leasing

Hyliion Holdings Corp. (NYSE: HYLN), a developer of sustainable electricity producing technology, today announced that it has entered into a non-binding letter of intent with GTL Leasing LLC (GTL) for the deployment of KARNO generators. The largest high-pressure gas transport leasing company in the US, GTL will bring the KARNO technology to California as a mobile EV charging solution for its customers where adequate power is not currently available.

GTL will be a part of Hyliion’s early adoption program of the KARNO generators with an initial commitment of two generators. Deliveries for the program will begin in late 2024. Upon successful deployment, GTL intends to scale adoption of KARNO units as they expand their portable EV charging business.

“Customers are eager to adopt EVs, but often struggle to deploy initial charging infrastructure on a schedule that matches their vehicle adoption plans,” said Michael Koonce, CEO of GTL. “In California and many other states, fleets often face multi-year delays to secure a connection to the utility grid. We are, essentially, the starter kit or interim solution for customers’ EV power needs.”

As a full solution provider, GTL will be offering a complete package which includes a KARNO generator, battery buffer, EV chargers, and maintenance services on a lease basis. These generators are expected to be capable of operating on both hydrogen and natural gas, enabling customers to choose which fuel best fits their economic and environmental initiatives.

National Renewable Energy Laboratory (NREL) anticipates that 182,000 new fast-charging ports will need to be deployed across the US by 2030 to match the growing adoption of EVs. Each KARNO generator is expected to produce enough electricity to supply approximately two fast-charging ports.

"The strategic collaboration with GTL marks a significant milestone in the commercialization of the KARNO generator, as it will provide a valuable use case of easily deployable EV charging coupled with power generation," stated Thomas Healy, Founder and CEO of Hyliion. "This partnership highlights our commitment to advancing sustainable electricity production and showcasing the capabilities of the KARNO generator in an ever-growing market."

The sale of these early KARNO generators is subject to the execution of a binding purchase agreement between the parties. For more detailed information about Hyliion and the KARNO generator, please visit www.hyliion.com.