Austin, Texas – Hyliion Holdings Corp. (NYSE: HYLN), a developer of KARNO generator and electric powertrain technologies, announced its collaboration with strategic expert advisors to explore various options for its powertrain business division.
The commercial vehicle electrification sector is undergoing significant transformation as fleets commit to reducing their environmental impact through practical solutions. Like others in the industry, Hyliion has encountered a slower-than-expected adoption of electric trucks as fleets gradually transition.
Thomas Healy, Founder and CEO of Hyliion, stated, “While Hyliion’s financial position is currently robust, its proprietary technology is game-changing, and commercialization is proceeding as planned. However, additional capital will be required in the future, given the uncertain market conditions if we stay on our current course. Therefore, we believe that now is the appropriate time to contemplate various strategic options for our electric powertrain business, ensuring efficient capital deployment and maximizing value for our shareholders.”
Hyliion recently achieved CARB certification and initiated extended fleet trials with customers, marking the completion of all milestones on the path to commercializing the Hypertruck ERX powertrain. Despite this milestone, the company is taking proactive measures to navigate the evolving landscape of commercial vehicle electrification.
Hyliion is committed to advancing the fuel-agnostic KARNO generator, which is expected to effectively compete in the stationary generator market due to its superior operational characteristics.
The company plans to complete the assembly of initial production trucks and continue showcasing the solution through extended fleet trials as it embarks on this strategic review process. Nevertheless, certain activities will be temporarily suspended, including securing orders for trucks equipped with the Hypertruck ERX system and new powertrain development work.