Hyliion Holdings
| Company type | Public |
|---|---|
| Industry | Energy technology |
| Founded | January 1, 2015 in Pittsburgh, Pennsylvania, U.S. |
| Founder | Thomas Healy |
| Headquarters | Cedar Park , United States |
Area served | Worldwide |
Key people | Thomas Healy (CEO), Vince Cubbage (Board member), Stephen Pang (Board member), Jose Oxholm-Uribe (General Counsel and Chief Compliance Officer), Jon Panzer (CFO), Josh Mook (CTO), Cheri Lantz (Chief Strategy Officer), Govi Ramasamy (Chief Commercial Officer) |
| Products | Modular power generation solutions, KARNO generator, hybrid electric drivetrains for Class 8 trucks |
Number of employees | Not specified (reduced by about two-thirds in 2023) |
Hyliion Holdings Corp. is a U.S.-based energy technology firm focused on modular power generation solutions. Established in 2015, the company initially concentrated on electrified powertrains for Class 8 trucks but pivoted in 2023 toward power generation following the acquisition of the fuel-flexible KARNO generator from GE Aerospace, subsequently scaling back its powertrain operations later that year.
Operating from its headquarters in Cedar Park, Texas, Hyliion is publicly listed on the NYSE American under the symbol HYLN. The company’s founder, Thomas Healy, holds the position of CEO.
History
Thomas Healy founded Hyliion in 2015 in Pittsburgh, Pennsylvania while pursuing mechanical engineering graduate studies at Carnegie Mellon University. The company developed hybrid electric drivetrains for Class 8 trucks, including innovations such as the Trailer Hybrid Electric (HE) system and the 6X4HE hybrid axle, both engineered to enhance fuel economy by recovering and reusing braking energy.
In 2018, Hyliion moved its operations to Cedar Park, Texas, after securing economic incentives totaling up to $1.27 million from the local city council. That same year, it broadened its energy storage portfolio by acquiring Gentherm’s battery division.
By 2020, Hyliion introduced the Hypertruck ERX, a range-extended electric powertrain that employs a natural gas generator to recharge its batteries. The company went public through a merger with SPAC Tortoise Acquisition Corp., which valued Hyliion at $1.6 billion. It began trading on the New York Stock Exchange under ticker HYLN, with shares reaching a high of $58.66.
Founder Thomas Healy earned a place on Forbes’ 30 Under 30 Energy list in 2017 and became the youngest self-made billionaire in the United States following Hyliion’s IPO, with an estimated net worth of $1.5 billion as of October 2020.
Shift to the KARNO generator
In August 2022, Hyliion purchased KARNO generator technology from GE Additive for $37 million—comprising $15 million in cash plus 22 million shares of HYLN valued at $4.00 each. The KARNO generator utilizes fuel-agnostic linear heat generation combined with advanced 3D metal printing methods. By November 2023, Hyliion had fully redirected its business focus to this technology, citing slow adoption rates for electrified trucking, escalating costs, and regulatory challenges as key factors. This strategic shift resulted in discontinuing its powertrain segment and reducing its workforce by approximately two-thirds.
Following this announcement, Hyliion’s stock dropped by 8.27% on November 9, 2023, closing at $0.54 per share. In response to market reaction, the company launched a $20 million share repurchase program.
Projects
- Development of a megawatt-scale KARNO generator under contract with the U.S. Navy for maritime and defense uses.
- Collaboration with ElectriGen supported by a U.S. Department of Energy grant to deploy up to 2 megawatts of KARNO generators in the Permian Basin aimed at reducing methane emissions from oil and gas operations.
Additional initiatives include partnerships with Al Khorayef Group targeting agricultural and stationary power solutions in Saudi Arabia; cooperation with Flexnode for data center energy deployments; collaboration with Victory Clean Energy focusing on hydrogen and renewable natural gas (RNG) applications; joint efforts with Jardine Engineering Corporation to expand power generation capabilities across Asian markets; and supplying a KARNO generator to an RNG fueling station through U.S. Energy.
KARNO Generator
The KARNO generator, originally created by GE and now owned by Hyliion, is a linear generator that operates independently of fuel type. It can utilize more than 20 different fuels—including natural gas, hydrogen, propane, diesel, ammonia, and methane—without requiring mechanical modifications. Hyliion emphasizes the generator’s capability to produce power efficiently with minimal emissions through a flameless, low-temperature oxidation technique.
This technology transforms thermal energy into electrical power using a sealed linear generator configuration. A series of synchronized shafts power a thermodynamic cycle where heat induces linear piston motion within a hermetically sealed environment, thereby improving operational efficiency. To optimize thermal performance, Hyliion employs 3D printing for fabricating intricate parts. In January 2025, the company introduced the first M Line additive manufacturing system from Colibrium Additive in the United States to facilitate scaling up production.
Thermodynamic Principles
Hyliion states that the KARNO generator merges concepts from the Carnot cycle and Stirling engines. The Carnot cycle represents the theoretical highest efficiency attainable by a heat engine operating between two temperature reservoirs, while the Stirling engine generates mechanical energy by cyclically compressing and expanding gas. By combining these principles within its sealed and flameless design, the KARNO generator aims to improve efficiency and lower emissions compared to conventional combustion generators. These assertions have yet to undergo independent validation.
Operations
Hyliion’s corporate headquarters are located in Austin, Texas, with additional research and development operations based in Cincinnati, Ohio.
Thomas Healy, the company’s founder, holds the position of Chief Executive Officer. After merging with Tortoise, former Tortoise CEO Vince Cubbage and managing director Stephen Pang joined Hyliion’s board of directors. In 2021, Jose Oxholm-Uribe was named general counsel and chief compliance officer. Jon Panzer took on the role of chief financial officer in 2022. Josh Mook, who spent two decades at GE, currently serves as chief technology officer. Cheri Lantz oversees strategic initiatives as chief strategy officer, while Govi Ramasamy leads commercial operations as chief commercial officer.