HYLN | Market Cap: $686.6M (07/13/26)
Industry:
Capital Goods

DESCRIPTION

Hyliion is a pre-commercial power generation company developing the KARNO Power Module, a modular distributed electricity generator. Rather than a conventional combustion engine or turbine, KARNO uses flameless oxidation to heat helium gas in a sealed cylinder, driving pistons through electrical coils to generate electricity. The result is a generator with very few moving parts that can run on over 20 fuels — including natural gas, hydrogen, ammonia, landfill gas, and diesel — and switch between fuels during operation. The initial product is a 200 kW unit targeting distributed power applications: data centers, commercial and industrial facilities, military installations, and oil & gas producers. Hyliion also has a contract with the U.S. Navy's Office of Naval Research, which is evaluating KARNO for shipboard and base power. Hyliion is not yet generating commercial revenue; all revenue to date comes from U.S. government R&D services contracts. The intended commercial model is direct product sales of KARNO units, priced at roughly ~$500K per 200 kW unit — positioned between conventional natural gas gensets and fuel cells. Key KARNO components are produced via in-house additive manufacturing at facilities in Cedar Park, Texas, and Cincinnati, Ohio. Hyliion plans to commercialize the 200 kW unit in late 2026, following UL certification, and scale into multi-MW configurations targeting data centers in 2027–2028. A partnership with ABM Industries is intended to support deployment and energy-as-a-service contracts.

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