Hyliion (HYLN) investor relations material

Vision and market need

• Envisions on-site, distributed power generation for facilities, offering cleaner, cheaper, and more reliable electricity than the grid.

• Anticipates massive growth in electricity demand, especially from data centers and electric vehicles, outpacing current grid and transmission capabilities.

• Regulatory and infrastructure constraints are pushing new data centers to provide their own power, as seen in Ireland and Virginia.

• Targets commercial, waste management, defense, oil and gas, and EV charging markets.

• Technology qualifies for a 30% tax credit starting in 2026, covering both system and infrastructure costs for ten years.

Technology and product details

• Utilizes a modular, fuel-agnostic linear heat generator based on advanced Stirling engine principles, enabled by 3D printing.

• Each unit produces 200 kW; units can be stacked for higher output, with a 2 MW system in development for large-scale needs.

• Achieves up to 50% fuel-to-electric efficiency, surpassing typical grid power plants.

• Delivers ultra-low emissions and low noise, using external flameless oxidation and advanced heat recuperation.

• System is truly fuel agnostic, demonstrated by seamless fuel switching during operation.

Commercialization, customers, and financials

• Early adopter deliveries underway, with 10 units targeted for 2024 and full commercialization ramping up in 2026.

• Signed LOIs for nearly 500 units across various applications, indicating strong demand.

• Key customers include data center infrastructure builders, military branches, oil and gas companies, landfill operators, and EV infrastructure owners.

• Navy contract valued at $20 million for autonomous vessel power, with $1 million revenue recognized last quarter.

• Holds $185 million in cash and investments, with an annual burn rate of $60–65 million, providing runway through commercialization.