Hyliion Buys This Revolutionary Generator Technology From GE - What's The Benefit?

  • Hyliion Holdings Corp HYLN has agreed to acquire a new hydrogen and fuel agnostic capable generator (KARNO) from GE Additive, part of General Electric Co GE, for $37 million.
  • GE will receive $15 million in cash and ~$22 million in Hyliion stock.
  • Hyliion expects the technology to be more efficient than conventional generators and fuel cells, resulting in fuel cost reductions and improved vehicle range. It is expected to comply with all current and foreseeable emissions standards.
  • Hyliion will acquire the generator technology and integrate the Cincinnati-based engineering team that created the KARNO system.
  • 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.
  • The transaction is expected to close by the end of 3Q22.
  • HYLN held cash and equivalents of ~$500 million as of June 30, 2022.
  • Price Action: HYLN shares are trading higher by 5.08% at $3.99 and GE higher by 2.27% at $78.48 on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Posted In: M&ANewsPenny StocksSmall CapBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!