Hyliion stock soars on US Air Force selection

Investing.com -- Hyliion Holdings Corp (NYSE American:HYLN) shares surged 46.9% following the announcement that the company’s KARNO Power Modules have been selected by the Department of the Air Force and the Department of Defense’s Chief Digital and Artificial Intelligence Office (CDAO) under the Military Multi-Fuel Initiative.

The company’s selection signifies its advancement to "Awardable" status, allowing Hyliion to directly support the Air Force’s efforts to diversify its energy sources and enhance operational resilience. This initiative aligns with the Department of Defense’s energy strategy to reduce dependence on a single fuel type and integrate alternative fuels.

The selection came through the CDAO’s Tradewinds Solutions Marketplace, a platform aimed at expediting the procurement of critical technologies such as Artificial Intelligence, Machine Learning, and resilient energy solutions. The Air Force utilized the Tradewinds process to collaborate with innovative American companies to strengthen its ability to maintain operations amidst fuel supply disruptions, streamline logistics, and potentially lower procurement and maintenance costs over time.

Kirk Phillips, Director of the Air Force Office of Energy Assurance, highlighted the Tradewinds solicitation process’s role in enhancing the Air Force’s operational capabilities. Thomas Healy, Founder and CEO of Hyliion, emphasized the importance of the Tradewinds Marketplace recognition, stating it affirms the strategic value of Hyliion’s KARNO technology and the company’s commitment to supporting government missions.

Hyliion’s technology was chosen from a competitive pool of applicants for its innovation, scalability, and the potential impact on Department of Defense missions. The KARNO system’s fuel versatility and reduced environmental impact make it particularly suitable for various deployment scenarios requiring resilience, efficiency, and sustainability.

This announcement marks a significant milestone for Hyliion, as it demonstrates the company’s ability to meet stringent government requirements and positions it as a key player in the military’s transition to more resilient and sustainable energy solutions.

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