Hyliion Holdings Corp. (NYSE American: HYLN) (“Hyliion”), a developer of sustainable electricity-producing technology, today announced it has signed a non-binding Letter of Intent (LOI) with Al Khorayef Group, a leader in power generation with diverse expertise in industrial machinery, agriculture, and irrigation solutions. Headquartered in Saudi Arabia and operating in more than 40 countries, Al Khorayef is a key player in the power generation industry in the Middle East, with its Gulf Power brand at the forefront.
The LOI outlines plans for Hyliion to deliver up to twelve 200 kW KARNO™ generator units to Saudi Arabia for deployment in agricultural and other power generation applications. Through this collaboration, both companies aim to explore the broader potential of KARNO generators in the regional power generation market, aligning with Saudi Arabia’s Vision 2030 sustainability goals to reduce pollutants and enhance food security.
The KARNO generators are expected to initially operate on liquefied petroleum gas (LPG) and natural gas, with flexibility for other fuels in the future. This adaptability, combined with the KARNO generator’s high efficiency, low emissions footprint, minimal maintenance, and quiet operation, makes it ideal for powering farms, irrigation systems, and agricultural machinery in remote locations where grid power is often unavailable or unreliable.
“The agricultural sector requires innovative energy solutions that not only meet its unique operational demands but also support sustainability and growth,” said Mr. Mohamed bin Alkhorayef, CEO of Al Khorayef Group. “Partnering with Hyliion to bring the first KARNO generators to Saudi Arabia exemplifies our mission to transform essential resources like energy into tools for progress and prosperity.”
Al Khorayef Group has a 50-year legacy of pioneering innovative technologies across industries. With Gulf Power leading its efforts in power generation, Al Khorayef is committed to advancing sustainability and fostering economic growth in Saudi Arabia and beyond.
“Meeting the energy demands of agriculture in remote and challenging locations requires innovative and efficient solutions,” said Thomas Healy, Founder and CEO of Hyliion. “We look forward to working with Al Khorayef to deliver sustainable, reliable power to support food security and economic growth with adaptable and efficient energy technologies.”
The LOI between Hyliion and Al Khorayef is subject to the execution of a binding purchase agreement. For more information about Hyliion and its innovative electrification solutions, please visit www.hyliion.com.
