Hyliion

What Hyliion does

Hyliion Holdings Corp. (NYSE American: HYLN) is a U.S. stationary power generation technology company developing the KARNO Power Module, a fuel-agnostic linear generator built around a proprietary four-shaft Stirling thermodynamic cycle with flameless oxidation and 3D-printed metal additive components. The platform operates on more than 20 fuel types — including natural gas, hydrogen, ammonia, propane, methanol, JP-8, and diesel — without hardware modifications and emits less than 2.5 PPM NOx and single-digit PPM CO without after-treatment. The product is offered in modular 200 kW units that can be paralleled into multi-megawatt configurations and is paired with KARNO Cloud, a 24/7 remote-monitoring platform tracking over 3,000 parameters per unit.

The company was founded in 2015, originally focused on electrified powertrains for Class 8 trucks, and went public in 2020 via SPAC. In September 2022 Hyliion acquired GE Additive's KARNO generator technology for approximately $37M and has since pivoted to stationary power generation for AI data centers, defense (U.S. Navy/DARPA), oil and gas, microgrids, EV charging, and industrial applications. Revenue is presently derived entirely from R&D services rather than product sales (FY2025 revenue of $3.5M and Q1 2026 revenue of $2.8M), with 2026 revenue guided to approximately $10M. The company targets broader commercial availability of the KARNO Power Module in late 2026/2027 and ended Q4 2025 with $152.4M in cash and no debt, providing multi-year runway through the pre-commercial phase.

Go-to-market is enterprise field sales targeting large data center operators, defense agencies, and industrial facilities, supported by CEO-led thought leadership (podcasts, ACT Expo, NYSE All-In Summit) and analyst coverage initiation by Needham with a Buy rating and $9 price target. Reported pipeline includes approximately 750 KARNO Cores under non-binding LOIs, more than half tied to data center opportunities, with a flagship ~$133M LOI from VFG Holdings currently under investigation by plaintiff law firms following short-seller allegations. Other strategic validations include a U.S. Navy ONR/DARPA NOMARS program sea trial for an 800 KW unmanned-vessel system, a $6M DOE methane-reduction grant, and a 2026 Consulting-Specifying Engineer MVP award for the KARNO Power Module.

Name

Hyliion

Legal name

HYLIION, INC.

Website

https://hyliion.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Hyliion (NYSE: HYLN) develops the KARNO Power Module, a fuel-agnostic linear generator using a four-shaft Stirling cycle with 3D-printed components, targeting AI data centers, U.S. defense, oil and gas, microgrids, EV charging, and industrial customers. The company remains pre-commercial, generating R&D-services revenue ahead of broader 2026/2027 product launch.

Ownership category

akta.pro rank

Product category

Distributed Power Generation Equipment

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Engine, Turbine, and Power Transmission Equipment Manufacturing (33361)

SIC

Motors & Generators (3621), Engines & Turbines (3510)

akta.pro primary industry

Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK)

akta.pro secondary industry

Engine Generator & Microgrid Power Plant EPC (Diesel/Gas Recip) (EUAEAAAJ)

Keywords

• Linear generators
• Distributed power generation
• Fuel-agnostic generators
• Stationary power systems
• Onsite prime power

Headquarters

HQ city

Cedar Park

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales

Revenue model

1. KARNO Power Module Sales: Pre-commercial stage. The company is in the process of commercializing the KARNO Power Module with broader commercial availability expected in late 2026/2027. Revenue currently derived from R&D services rather than product sales.
2. Research and Development Services: Current revenue entirely from R&D services provided under government contracts. Q4 2025 and full-year 2025 revenue of $0.7M and $3.5M respectively, all from R&D services.
3. Government Grants: $6 million federal grant from U.S. Department of Energy awarded December 2024 for methane emission reduction technology development using KARNO generators in oil and gas industry.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Hyliion develops and sells the KARNO Power Module, a fuel-agnostic linear generator that converts heat into electricity using a Stirling thermodynamic cycle with flameless oxidation and 3D-printed additive-manufactured components. The system operates on 20+ fuel types and targets data centers, defense, and industrial power applications, currently deriving revenue from R&D services ahead of broader commercialization expected in late 2026/2027.

Product overview

Hyliion offers the KARNO Power Module, a fuel-agnostic linear generator system available in 200 kW and 800 kW/Multi MW configurations. The core technology is the KARNO Core, which uses a four-shaft Stirling thermodynamic cycle with additive manufacturing to generate electricity through flameless oxidation. The system operates on 20+ fuel types including natural gas, hydrogen, diesel, propane, ammonia, and JP-8 without hardware modifications. The KARNO Cloud platform provides remote monitoring and diagnostics. Target applications span data centers, defense (including U.S. Navy vessels), commercial/industrial facilities, microgrids, EV charging, biogas, landfill/wastewater treatment, oil & gas, and manufacturing. The company was previously focused on electrified powertrains for commercial vehicles (Hypertruck ERX) but pivoted to stationary power generation following the 2022 acquisition of KARNO technology from GE Additive.

Differentiator

Problem solved

Functional benefit

Brands

• KARNO: Fuel-agnostic linear generator technology platform. Includes KARNO Core (heart of the power module), KARNO Power Module (200 kW and multi-MW configurations), and KARNO Cloud (monitoring system). The technology uses Stirling thermodynamic cycle with flameless oxidation to generate electricity from various fuel sources including natural gas, hydrogen, diesel, ammonia, and propane.

Products and services

• KARNO Power Module (200 kW) A 200 kW modular linear generator designed for onsite prime power generation with fuel flexibility across 20+ fuel types including natural gas, hydrogen, diesel, and propane. Features ultra-low emissions achieved through flameless oxidation without after-treatment systems.
• KARNO Power Module (800 kW / Multi MW) A scalable multi-kilowatt to multi-megawatt power generation system combining multiple 200 kW KARNO Cores for larger power demands. Designed for data centers, defense, and industrial applications, with a 3.2 MW module achievable in a 50' x 10' footprint.
• KARNO Core The fundamental four-shaft linear electric motor technology at the heart of the KARNO Power Module, using a Stirling thermodynamic cycle with 3D-printed components to generate electricity from heat through flameless oxidation. Each 200 kW unit synchronizes shafts driving magnets through static copper coils at high frequency.
• KARNO Cloud Cloud-based monitoring and control platform providing 24/7 remote monitoring of over 3,000 parameters with real-time system insights and diagnostic capabilities for improved availability and reduced downtime.

Quantifiable outcome

• Electrical efficiency up to 50%
• +4 more outcomes

Named customers2 records

Segments7 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• U.S. Navy Office of Naval Research (ONR)coreStrategic or Co-development Partner · 19 May 2026ONR, in partnership with DARPA, selected USX-1 Defiant as candidate test vessel for KARNO Core technology. Hyliion delivering 800 KW drop-in power system (four 200 KW KARNO Cores) for sea trials under NOMARS program. Validates technology for autonomous maritime applications.
• DARPA (Defense Advanced Research Projects Agency)coreStrategic or Co-development Partner · 19 May 2026Co-funding USX-1 Defiant sea trials under No Manning Required Ship (NOMARS) program. Program designed to develop ships from ground up with no provisions for humans on board, requiring highly reliable autonomous power systems.
• Serco-North AmericaminorStrategic or Co-development Partner · 19 May 2026Designed and developed USX-1 Defiant unmanned surface vessel (180 feet, 240 metric tons displacement) under DARPA's NOMARS program. Vessel being used as test platform for KARNO power generation technology.
• ABM IndustriesminorStrategic or Co-development Partner · 1 January 2026Strategic partnership announced early 2026, nature of partnership not detailed in available sources.
• GE AdditivecoreTechnology or Integration · 26 September 2022Acquired GE's KARNO generator technology for $15 million cash and approximately $22 million stock. Technology originally developed by GE for additive manufacturing-enabled linear generators.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• GE Vernova: GE Vernova owns GE Additive (the original developer of the KARNO technology sold to Hyliion in 2022) and is a broad incumbent in power generation equipment, gas turbines and grid solutions spanning utility-scale and industrial markets.
• Rolls-Royce Power Systems (mtu): mtu Solutions (Rolls-Royce) provides gas and diesel generator systems for data centers and microgrids, competing against KARNO in distributed power generation for mission-critical commercial and defense applications.
• Generac: Generac manufactures power generation equipment spanning residential, commercial and industrial scales including microgrid-capable systems, with distribution depth and brand recognition overlapping Hyliion's commercial and industrial target markets.
• Caterpillar: Caterpillar is a leading manufacturer of diesel and gas reciprocating generator sets for prime, standby and microgrid power, with established service networks that compete against KARNO in industrial and data center applications.
• Cummins: Cummins produces distributed power generation systems and natural gas generators for data centers and industrial facilities, offering scaled manufacturing and broader service coverage than Hyliion's pre-commercial KARNO platform.

Emerging players

• Ballard Power Systems: Ballard develops hydrogen fuel cell systems for stationary power and heavy mobility with similar multi-fuel ambitions to KARNO, though currently focused on hydrogen PEM technology rather than Hyliion's flameless oxidation architecture.
• Plug Power: Plug Power develops hydrogen fuel cell systems and electrolyzers targeting data centers and stationary power applications, with hydrogen-compatible offerings that compete with KARNO's hydrogen-ready behind-the-meter power modules.

Direct peers

• Bloom Energy: Bloom Energy produces solid oxide fuel cell systems for distributed power generation at data centers, microgrids, and industrial facilities - the most commercially advanced competitor targeting the same AI data center customers as Hyliion.
• Mainspring Energy: Mainspring Energy manufactures linear generator technology for fuel-flexible distributed power generation, targeting the same data center and microgrid customers as Hyliion's KARNO and representing the closest architectural peer.
• Capstone Green Energy: Capstone manufactures microturbine-based distributed generation systems for commercial, industrial and microgrid customers, offering an alternative distributed generation architecture that competes with KARNO in similar applications.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/hyliion
• LinkedInlinkedin.com/company/hyliion
• Facebookfacebook.com/746889365323045

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds8 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hyliion