Hyliion Secures Major Power Module Deal with $6B Industrial Giant MMR

AUSTIN, Texas--(BUSINESS WIRE)-- Hyliion Holdings Corp. (NYSE American: HYLN), a developer of sustainable electricity-producing technology, today announced it has signed a non-binding Letter of Intent (LOI) with MMR Power Solutions, a subsidiary of MMR Group – a leading provider of custom electrical solutions for commercial, industrial and utility applications globally with 5000+ employees and over $6 billion in delivered projects. The LOI outlines plans for MMR to purchase three KARNO™ Power Modules from Hyliion, totaling up to 600 kW of stationary power output, with deployments expected to begin in the second half of 2026.

The units are expected to support MMR’s growing customer base in the commercial and industrial sectors with efficient, scalable power solutions tailored to local operating conditions. Designed for high efficiency, low emissions, and extended uptime, the KARNO system will offer an alternative to traditional combustion-based generators for on-site, long-duration power needs.

“The LOI with MMR reflects growing industry demand for power solutions that combine efficiency with high reliability,” said Thomas Healy, Founder and CEO of Hyliion. “We’re excited to partner with a company that deeply understands on-site power generation and is focused on delivering dependable, lower-emission power to its customers.”

MMR Power Solutions is known for its expertise in electrical and instrumentation systems and serves a broad range of customers across oil and gas, manufacturing, and utility markets. The planned use of the KARNO Power Modules will support power generation at select locations, integrating Hyliion’s advanced linear generator technology into MMR’s energy solution offerings. Looking ahead, the companies also plan to explore the use of KARNO systems in combined heat and power (CHP) configurations—an approach that captures waste heat to improve overall system efficiency. Unlike conventional generators, the KARNO Power Modules heat-engine architecture makes it well-suited for combined heat and power (CHP) applications, where both electricity and usable thermal energy are captured to improve overall system efficiency.

“At MMR, our customers rely on us to deliver forward-looking power solutions that meet operational needs without compromising on reliability or efficiency,” said Brian Beaty, Director of Operations of MMR Power Solutions. “Hyliion’s KARNO technology is an exciting opportunity to introduce cleaner generation with the added benefit of fuel flexibility. We look forward to evaluating its performance and further integration into our portfolio of energy systems.”

The LOI between Hyliion and MMR Power Solutions is non-binding and subject to the execution of a definitive purchase agreement.

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 MMR Power Solutions:

During the 2001 California electricity crisis, large energy users faced unprecedented grid instability and price volatility, forcing many to seek onsite power generation to protect their business operations. MMR Group launched its Power Solutions business to meet this demand for reliable power and thermal energy. MMR strives to provide their customers with exceptional value and the highest level of service and quality, while completing projects in the safest and most efficient manner possible. MMR Power Solutions develops, owns, and operates onsite energy facilities using cogeneration, solar, and/or energy storage to meet the energy needs of large commercial and industrial customers cost-effectively and reliably. Specializing in distributed generation energy services, MMR Power Solutions can improve electrical service reliability, reduce electrical costs, and maximize thermal energy efficiencies by developing and designing a system ideally suited for your facility’s needs. For further information, please visit www.mmrgrp.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.