Introduction of 30% Investment Tax Credit
A 30% investment tax credit has been established for customers deploying linear generators or fuel cells, which will help drive customer adoption of Hyliion's KARNO Power Module.
Resumption of Deliveries
The company resumed deliveries after resolving key engineering and manufacturing challenges, including moving LEM production in-house.
Successful Navy Partnership
Hyliion delivered its second Early Adopter unit to the U.S. Navy and received a Phase II small business innovation research contract for further R&D work.
Strategic MOU and LOI Signed
Hyliion signed a strategic MOU with Alkhorayef Industries for a potential $1 billion deployment in Saudi Arabia, and an LOI with MMR Group for purchasing KARNO Power Modules.
Continued Financial Support
Hyliion expects to have sufficient capital to carry it through the commercialization of KARNO Power Module sales with a forecasted year-end balance of $155 million.