Hyliion Accelerates Growth, Begins Expansion of Its Austin, Texas Headquarters

• Additional office space and amenities will accommodate growing team of up to 500 employees

• Redesign will more than double powertrain installation capacity and triple battery development space

• Hyliion welcomes industry veteran Richelle Frank as Vice President of Operations; Frank to oversee the company’s facility redesign and further advance broader manufacturing strategy towards commercialization

Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that it has begun a significant expansion of its Austin headquarters. Driven by a growing staff and the need for additional installation and testing capacity, the multi-million-dollar project will be broken into three stages, focusing on increased office space, a reconfigured installation warehouse, and a new research and development testing area. The full project is expected to be completed next year.

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Rendering of Hyliion showroom that will be added in significant expansion of Austin headquarters (Photo: Business Wire)

“Our people and our products are at the core of this expansion,” said Thomas Healy, founder and CEO of Hyliion. “We are growing to accommodate current and expected future demand for our innovative powertrain solutions. Each decision made in our building redesign is intended to support our commercialization goals as we work toward the rollout of our new Hybrid unit later this year and the launch of our Hypertruck ERX.”

The full project will increase facility capacity by 50%, and will include:

• Expanding the facility footprint to 120,000 square feet
• Adding 20,000 square feet of office space, enabling the entire facility to accommodate up to 500 employees
• More than doubling the installation footprint and the number of trucks able to undergo simultaneous installation
• Tripling the size of the area where Hyliion develops its proprietary battery technology
• Increasing the testing area, where Hyliion’s powertrain and batteries are assessed and validated before becoming next generation solutions
• Building a second floor and a fitness center

Richelle Frank, who recently joined Hyliion as Vice President, Operations, will oversee the day-to-day progress of the redesign – in addition to her duties leading a growing operations team and managing all of Hyliion’s installation and assembly programs.

“I am thrilled to have joined such a talented team and a company whose mission is helping to bring superior performance, emissions reductions, and lower operating costs to the commercial trucking industry,” said Frank. “I look forward to accelerating and building upon the strategic actions that Hyliion has already undertaken towards broader commercialization of our products.”

With 25 years of experience managing facilities and assembly programs across the transportation industry at companies such as Chrysler/DaimlerChrysler, Navistar, and recently as Production Director at Daimler Trucks North America, Frank brings to Hyliion a dedicated focus on sustained safety, quality, and flexibility of manufacturing operations.

“Richelle is an industry veteran with an impressive breadth of experience building best-in-class processes and teams at high-quality, well-established organizations across the transportation industry,” added Healy. “Her ability to adeptly assess, develop, and oversee high-functioning processes will be invaluable for Hyliion as we advance our manufacturing strategy and drive commercialization.”

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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