Hyliion and Alkhorayef Join Saudi–U.S. Investment Forum During U.S. Presidential Visit, Signing Strategic MOU for $1 Billion Business Opportunity in the Energy Sector

Hyliion Holdings Corp. (NYSE American: HYLN), developer of the innovative KARNO^TM Power Module, and Alkhorayef Industries Company, a leading Saudi Arabian industrial conglomerate, announced the signing of a strategic memorandum of understanding (MOU) during the Saudi–U.S. Investment Forum 2025 in Riyadh. The MOU establishes a collaborative effort to validate, adapt, scale, and assemble KARNO Power Modules for the Saudi Arabian market, outlining a potential $1 billion business opportunity.

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The investment forum was held in conjunction with the state visit of President Donald J. Trump, where $600 billion in investment agreements were signed during the event, reinforcing the growing economic ties between the U.S. and Saudi Arabia. Hyliion’s American-developed KARNO technology offers a transformative approach to addressing the Kingdom’s growing energy needs.

This collaboration is strategically aligned with Saudi Arabia’s Vision 2030 agenda and supports both companies’ long-term goals. As the Kingdom accelerates industrial development and infrastructure growth, demand for reliable, decentralized, and sustainable energy solutions is increasing rapidly. Hyliion’s fuel-agnostic KARNO Power Modules are designed to deliver high efficiency, ultra-low emissions, and minimal maintenance, making it an ideal fit for critical applications where energy resilience and uptime are essential.

Thomas Healy, Founder and CEO of Hyliion, remarked, "This MOU reflects the power of U.S.–Saudi collaboration and the importance of American innovation on the global stage. We’re proud to work with Alkhorayef to bring cutting-edge energy solutions to the Kingdom."

“At Alkhorayef Industries, we are committed to advancing sustainable technologies that drive progress across industries and communities,” said Mohammed Alkhorayef, CEO of Alkhorayef Group Company. “Hyliion’s KARNO Power Module represents a significant leap forward in clean power generation. Through this partnership, we are proud to contribute to Saudi Arabia’s clean energy transformation and deliver solutions that align with the goals of Vision 2030.”

Following the successful completion of KARNO Power Module early deployments in the U.S., Hyliion and Alkhorayef Industries Company will, under this MOU, jointly pursue the following initiatives:

• Conduct a comprehensive validation of two KARNO Power Modules in Saudi Arabia in 2026, focusing on performance under high ambient temperatures, local fuel types, and elevated altitudes.
• Customize solutions to meet the region’s unique energy requirements, including compatibility with LPG, hydrogen, ammonia, and other alternative fuels.
• Explore and establish regional partnerships to scale KARNO Power Module assembly and deployment across the Kingdom.

Alkhorayef Industries Company’s GulfPower division will lead the local execution of the KARNO deployment strategy, ensuring compliance with Saudi environmental regulations, grid standards, and site-specific performance requirements. In alignment with initiatives from the Ministry of Environment, Water and Agriculture (MEWA) and the Saudi Electricity Company (SEC), Alkhorayef Industries Company’s sees the KARNO Power Module as a powerful tool to support the Kingdom’s energy diversification and long-term sustainability goals.