AUSTIN, Texas–(BUSINESS WIRE)–Hyliion Holdings Corp. (NYSE: HYLN), a developer of sustainable electricity producing technology, today announced that its Board of Directors has authorized a stock repurchase program of up to $20 million of the Company’s issued and outstanding common stock, par value $0.001 per share.
“The initiation of a stock repurchase program underscores our confidence in the potential of KARNO’s innovative generator technology and in our ability to complete development and delivery of initial units next year,” stated Thomas Healy, Founder and CEO of Hyliion. “Our strong capital position affords us the opportunity to further enhance value for our shareholders, particularly at a time when we believe the market has yet to fully value the Company’s potential.”
Hyliion recently announced that it is winding down its powertrain operations while concentrating future efforts on development of the KARNO generator. The Company reported $324 million of cash and investments at the end of September 2023 and projected a year-end balance of approximately $285 million after completing most powertrain wind down activities. Hyliion expects to begin initial paid deployments of the KARNO generator in late 2024 and projects cash spending of approximately $40 million for the year.
Repurchases of shares of common stock under the stock repurchase program will be made in the open market and in accordance with applicable securities laws. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated without notice at any time at the Company’s discretion.
Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company’s primary focus is to provide distributed power generators that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, OH, Hyliion is addressing the commercial space first with a locally-deployable generator that can offer prime power, peak shaving, and renewables matching. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The KARNO generator is a fuel- agnostic solution, enabled by additive manufacturing, that leverages a linear heat generator architecture. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy.