Jardine Engineering Corporation Limited ("JEC") today announced that it has entered into a non-binding Memorandum of Understanding (MOU) with Hyliion Holdings Corp. (NYSE: HYLN) ("Hyliion"), a developer of sustainable electricity-producing technology.

The MOU represents the first step toward a commitment from both companies to work together to explore the potential of Hyliion's advanced KARNOTM technology in power generation projects and to collaborate jointly on select business opportunities in Hong Kong, Macau, and other markets where JEC operates. The KARNO generator is a groundbreaking fuel-agnostic solution that utilizes a linear generator architecture to produce electricity both economically and efficiently. Capable of operating on various fuels, including hydrogen, natural gas, biogas, and propane, the generator is expected to offer lower maintenance costs and a significantly reduced emissions profile compared to conventional technologies.

With a history dating back to 1923, JEC is one of the key leaders of power system business in Hong Kong and represents top brand electric generator suppliers from the US and Europe. Headquartered in Hong Kong, JEC is a listed specialist contractor for public works and is a premier provider of electrical and mechanical engineering solutions in the Asia Pacific region. This relationship aims to leverage the advanced capabilities of Hyliion's KARNO generator, along with JEC's extensive domain knowledge, market presence, and project implementation capabilities, to provide innovative, sustainable power solutions in this dynamic region.

"Hyliion's KARNO generator technology aligns perfectly with our commitment to providing advanced and sustainable engineering solutions," stated Mr. Noky Wong, Chief Executive of JEC. "This collaborative effort with Hyliion represents a strategic step forward in advancing our capabilities and offerings in the power systems sector. Together, we look forward to exploring new ways to enable our customers to achieve engineering breakthroughs in ever more efficient and sustainable ways."

Thomas Healy, Founder and CEO of Hyliion, added, "We are thrilled to partner with JEC, a leader in integrated power systems with a strong presence in Asia. This collaboration is a significant step in our mission to provide sustainable and innovative energy solutions globally. By combining our innovative KARNO technology with JEC's extensive market knowledge and engineering expertise, we are confident in delivering exceptional value and performance to meet the evolving energy needs of our customers worldwide."

The MOU between JEC and Hyllion is subject to the execution of a binding agreement. For more information about JEC and how it helps engineer a better Asia, please visit jec.com. For more information about Hyliion and its innovative electrification solutions, please visit hyliion.com.