• Three Oregon companies saw positive results when testing Hyliion’s natural gas-powered Hybrid solution under challenging conditions

• Hybrid-equipped truck powerfully and effectively carried heavy payloads with ample performance and power

• Loan program successfully showed potential for a significant reduction in carbon emissions when using a Hyliion Hybrid solution

Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced positive initial results from a truck loan program launched in conjunction with Portland-based natural gas provider, NW Natural, which featured Hyliion’s Hybrid CNG solution.

As part of the program, Hyliion collaborated with NW Natural to equip a Freightliner Cascadia day cab with their Hybrid compressed natural gas (CNG) solution, a self-charging powertrain that boosts performance by adding up to 120 horsepower to a Class 8 semi-truck–enough power to allow the vehicle to perform more like a diesel truck.

The Hybrid CNG truck was loaned to three Oregon-area fleet operators—Baker Rock Resources, Tillamook County Creamery Association, and Calportland—over a three-week trial period. Each participant reported that the Hyliion Hybrid solution delivered more power, greater sustainability, and improved operating costs.

Thomas Healy, Founder and CEO of Hyliion, said, “Testing our technology in partnership with reputable fleet operators, and under real world conditions, is essential as we strive to meet the needs of our customers as they seek better performing and more sustainable transportation solutions. We were pleased to learn that all three fleet operators deemed Hyliion’s Hybrid truck a compelling solution for their fleets.”

Performance highlights from the truck loan program:

• Baker Rock Resources hauled full loads of construction and landscaping materials up steep inclines with ample power.
• Tillamook County Creamery Association drivers crossed the Oregon Coast Range on a winding two-lane highway, easily hauling heavy loads.
• CalPortland’s transportation team concluded that the Hyliion Hybrid CNG-equipped truck is easy to operate, with the potential to significantly lower the fleet’s carbon footprint.

Three test cases:

• Baker Rock Resources is a family-owned business that has provided construction and landscaping materials to the Portland area for more than 60 years, with a focus on operating sustainably. From the first time a driver of the Hyliion Hybrid CNG equipped truck hauled a full load up a steep hill with ample power, Keith Peal, Vice President of Marketing and Sales, concluded he’d found a way to match his company’s environmental goals to its operating needs. “The demonstration was a complete success, and we absolutely have plans to add the technology to our fleet,” said Peal.

• Tillamook County Creamery Association, headquartered on the Oregon coast, has been supplying premium dairy products to loyal customers across the state for more than a century. To bring its products to the Portland area, drivers cross the Oregon Coast Range on a winding two-lane highway—carrying heavy loads. During the three-week trial, the e-axle boosted speeds while maintaining optimum power and saving on fuel costs. “Our business is committed to stewardship, and we’re constantly looking at ways to reduce our environmental impact and improve efficiency, including our fleet of 16 trucks,” says Tillamook’s Director of Environment & Community Impact Jocelyn Bridson. “Being able to test a CNG-electric hybrid truck helped us see firsthand that the technology available today performs well on our distribution routes, with enough power to get over mountain passes, and was straightforward for our drivers. As a result of this trial, we are assessing the potential to replace our diesel trucks with Hyliion’s natural gas vehicles.”

• CalPortland is a multi-state operation producing and delivering cement, concrete, and other construction materials. CalPortland also has a strong commitment to environmental protection, advocating for products and practices that yield the least possible environmental impact. Their transportation team found the Hyliion Hybrid CNG truck was easy to operate, with the potential to significantly lower the fleet’s carbon footprint. “The vehicle provided by Hyliion and NW Natural is a great opportunity to add an environmentally friendly option for hauling freight,” said Matthew Meyer, CalPortland’s Director of Fleet Management. “The CNG hybrid model is extremely promising, and we were very impressed with the Hyliion team’s support.”

“Natural gas vehicles are popular in North America and throughout the world because of their significantly lower greenhouse gas emissions, near zero-point source emissions, and the ability to use renewable natural gas instead of diesel,” said Chris Kroeker, NW Natural business development segment manager. “This innovative, try-it-first truck loan program allowed local fleet managers to see if this technology fits with their operations – and Hyliion’s Hybrid solution has proven that it can deliver across the board in the areas of power, sustainability and return on investment.”

About Hyliion

Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Forward Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2021 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

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