Hyliion Holdings

Hyliion
TypePublic
AMEX: HYLN
IndustryEnergy technology
Founded2015 (2015) in Pittsburgh, Pennsylvania
FounderThomas Healy
Headquarters
Cedar Park, Texas
,
U.S.
Key peopleThomas Healy (CEO)
Jon Panzer (CFO)
Josh Mook (CTO)
Cheri Lantz (CSO)[1]
ProductsKARNO Generator
Websitehyliion.com

Hyliion Holdings Corp. is an American manufacturer of modular power generators based in Cedar Park, Texas. It started as an electrified Class 8 powertrain systems manufacturer before shifting toward power generation following the acquisition of the KARNO generator from GE Aerospace.

History

Hyliion was founded in 2015 by Thomas Healy in Pittsburgh, Pennsylvania, while studying mechanical engineering at Carnegie Mellon University.[2][3] The company developed hybrid electric drivetrains for Class 8 trucks, including the Trailer Hybrid Electric (HE) system and the 6X4HE hybrid axle.[4]

In 2018, Hyliion relocated to Cedar Park, Texas, following approval of an economic incentives package from the Cedar Park City Council.[2][5] During this period, Hyliion acquired Gentherm's battery division.[6][7]

In 2020, Hyliion merged with Tortoise Acquisition Corp., a special-purpose acquisition company (SPAC).[8][9][10] At the time of the merger, the company was valued at US$1.6 billion.[11][12] In October 2020, activist short-seller Bonitas Research published a critical report in which it disputed Hyliion's claim that its hybrid retrofit system delivered up to 30% fuel efficiency improvements and asserted that only a portion of the customers listed in Hyliion's investor presentations had actually purchased its Hybrid-X system.[13][14]

In August 2022, Hyliion acquired KARNO generator technology from GE Additive for $37 million.[15][16]

In November 2023, Hyliion shifted its focus to the KARNO generator. As part of this transition, Hyliion discontinued its powertrain business and reduced its workforce by two-thirds.[16][17]

In January 2025, Hyliion installed an M Line additive manufacturing system in the United States from Colibrium Additive for production support.[18][19]

KARNO generator technology

The KARNO generator, developed by GE, is a fuel-agnostic linear generator. It operates on natural gas, hydrogen, propane, diesel, ammonia, and methane without mechanical modification.[20] The KARNO system produces power through a flameless, low-temperature oxidation process.[21]

The generator uses synchronized linear motion to drive a thermodynamic cycle within a hermetically sealed system.[21]

References

  1. ↑ "Our Leadership Team". Hyliion. Retrieved 2025-04-17.
  2. 1 2 Cronin, Mike (2020-10-02). "Hyliion closes SPAC merger, jumps to NYSE". Austin Business Journal. Retrieved 2025-04-15.{{cite web}}: CS1 maint: deprecated archival service (link)
  3. ↑ "Thomas Healy" (PDF). Carnegie Mellon University.{{cite web}}: CS1 maint: deprecated archival service (link)
  4. ↑ "Hyliion Introduces Hybrid-Electric Axle System for Longhaul Trucks". Transport Topics. 2017-10-21. Retrieved 2025-04-15.{{cite web}}: CS1 maint: deprecated archival service (link)
  5. ↑ Hawkins, Lori (2018-02-13). "Cedar Park lures transportation tech startup Hyliion from Pittsburgh". Austin American-Statesman. Retrieved 2025-04-15.{{cite web}}: CS1 maint: deprecated archival service (link)
  6. ↑ "Hyliion Acquires Battery Division of Gentherm". Heavy Duty Trucking. 2018-07-10. Retrieved 2026-06-02.
  7. ↑ Shepard, Paul (July 11, 2018). "Hyliion Partners with Toshiba and Dana and Acquires Battery Maker - News". eepower.com. Retrieved 2026-06-02.
  8. ↑ Carlson, Kara (2020-10-06). "Austin American-Statesman Subscription Offers, Specials, and Discounts". Austin American-Statesman. Retrieved 2025-04-16.{{cite web}}: CS1 maint: deprecated archival service (link)
  9. ↑ Brown, Eliot (2020-10-21). "Electric-Vehicle Startups Are Wall Street's Hot New Thing. No Revenue? No Problem". Wall Street Journal. ISSN 0099-9660. Retrieved 2025-04-16.{{cite news}}: CS1 maint: deprecated archival service (link)
  10. ↑ Stupples, Benjamin (2020-10-05). "'We Were Fortunate on Timing': 28-Year-Old SPAC Billionaire". Bloomberg Wealth.{{cite web}}: CS1 maint: deprecated archival service (link)
  11. ↑ "Hyliion to Combine With Tortoise, a Special Purpose Acquisition Company". CapitalXchange. 2020-07-22. Retrieved 2026-06-02.
  12. ↑ "Tortoise Acquisition Corp. to Combine with Hyliion Inc". SPACInsider. Retrieved 2026-06-02.
  13. ↑ "Hyliion report". Bonitas Research. October 15, 2020.
  14. ↑ Celarier, Michelle (July 7, 2021). "In Soaring Stock Market, Short Sellers Find a Win With SPACs". Institutional Investor.
  15. ↑ Gilroy, Roger (2022-08-26). "Hyliion Acquires Generator Technology From GE Additive for $37 Million". Transport Topics. Retrieved 2026-06-02.
  16. 1 2 Carlson, Kara (2024-03-22). "Hyliion strikes new deal with City of Cedar Park after layoffs bring it out of compliance". Austin American-Statesman. Retrieved 2025-04-16.{{cite web}}: CS1 maint: deprecated archival service (link)
  17. ↑ Sayers, Justin; Wistrom, Brent (2023-11-15). "Hyliion laying off 175 as it winds down its powertrain business". Austin Business Journal. Retrieved 2025-04-16.{{cite web}}: CS1 maint: deprecated archival service (link)
  18. ↑ Cook, James (2024-11-13). "Hyliion's KARNO Generator Demonstrates Fuel Switching with H2-Natural Gas Blend, Syngas". Turbo Machinery Magazine. Retrieved 2025-04-16.{{cite web}}: CS1 maint: deprecated archival service (link)
  19. ↑ "Hyliion installs first US M Line from Colibrium Additive to scale KARNO generator production". Metal Additive Manufacturing. 2025-01-16. Retrieved 2026-06-02.
  20. ↑ Gehm, Ryan (2024-01-29). "Hyliion shifts focus from propulsion to power generation". sms.sae.org. Retrieved 2025-04-16.{{cite web}}: CS1 maint: deprecated archival service (link)
  21. 1 2 Cook, James (2024-08-09). "Hyliion to Design MW-Scale KARNO Generator System for U.S. Navy". Turbo Machinery Magazine. Retrieved 2025-04-16.{{cite web}}: CS1 maint: deprecated archival service (link)
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