Hyliion To Buy New Hydrogen And Fuel Agnostic Generator Technology From GE In $37 Mln Deal

(RTTNews) - Hyliion Holdings Corp. (HYLN), an electrified powertrain solutions for Class 8 semi-trucks, announced Thursday that it has agreed to acquire a new hydrogen and fuel agnostic capable generator, KARNO, from GE Additive, affiliated to GE (GE).

The acquisition value is around $37 million, of which GE will receive $15 million in cash and approximately $22 million in Hyliion stock.

The transaction is subject to customary closing conditions and is expected to close by the end of third quarter.

In the deal, Hyliion will acquire the generator technology and integrate the Cincinnati-based engineering team that created the KARNO system into Hyliion.

Following the deal, the Hyliion KARNO, a next generation hydrogen and fuel agnostic capable generator, is expected to offer increased efficiency and meet ultra-low emissions levels on conventional fuels.

The KARNO power system will be capable of operating on over 20 different fuels including hydrogen, natural gas, propane, ammonia and conventional fuels.

In late 2023, Hyliion plans to first release the Hypertruck ERX powertrain, which leverages a natural gas engine as the generator onboard.

In the years following, Hyliion plans to release the Hypertruck KARNO, its fuel agnostic variant, as phase two in the Hyliion journey to a hydrogen-based future. Hyliion will also explore other adjacent markets to leverage this technology for cost savings and emissions reductions.