First Early Adopter Customer Unit Delivered
Hyliion Holdings Corp. announced the delivery of its first early adopter customer unit, which will be utilized by the US Navy. This marks a significant milestone in their product deployment.
Strong Customer Interest and LOIs
Hyliion has secured contracts and nonbinding letters of intent for over 100 Carnot units, spanning sectors like EV charging, oil and gas, and data centers. This demand exceeds planned deployments for 2025 and establishes a foundation for 2026.
Data Center Sector Expansion
The company signed its first LOI in the data center sector for a potential deployment of up to 70 megawatts, or 350 Carnot units, highlighting the compact and fuel-agnostic features of its generators.
Department of Energy Grant Awarded
Hyliion received a $6 million Department of Energy grant to support the deployment of Carnot generators aimed at reducing methane emissions in the oil and gas sector.
Additive Manufacturing Advancements
Hyliion enhanced its production capabilities with the acquisition of a GE Aerospace mLine printer, which can print two to four times as many parts simultaneously, boosting production capacity.
Revenue Recognition and Financial Position
Hyliion recognized $1.5 million in revenue for R&D services in Q4 2024 and ended the year with $220 million in capital, anticipating a cash use of approximately $60 million for 2025.