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
The investment forum was held in conjunction with the state visit of President Donald J. Trump, where
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
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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.
This MOU builds on the Letter of Intent (LOI) signed in December 2024, advancing the relationship from early-stage collaboration to actionable plans. The companies intend to validate and begin deploying KARNO power solutions in
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
About Alkhorayef Group Company
Alkhorayef Group Company (AGC), established in 1957 and headquartered in
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, and 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; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; 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 and in our subsequently filed Forms 10-Q. 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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Hyliion Holdings Corp.
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Source: Hyliion Holdings Corp.
