Hyliion Announces Long-Range Version of Hypertruck ERXtm Targeting Zero-Emission Vehicle Credits

Hyliion Holdings Corp. (NYSE: HYLN) ("Hyliion"), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced a long-range variant of the Hypertruck ERXtm, which will be the first version brought to market. This enhanced option, which will offer 75 miles of all-electric range, will enable Hypertruck ERXtm equipped production trucks to qualify for zero-emission vehicle (ZEV) credits by meeting California's Advanced Clean Truck (ACT) Rule.

The Hypertruck ERXtm will offer more than 1,000 miles of total range, enabling freight hauling capabilities that are comparable to diesel. The innovative electric powertrain system uses an onboard generator to continually recharge the battery pack while driving, eliminating the significant range and charging infrastructure challenges that battery-only electric trucks now face. The Hypertruck ERXtm is also plug-in capable, allowing fleets the operational flexibility to recharge with low-cost renewable electricity from the grid.

"At Hyliion, we agree that climate protection and air quality improvement can't wait. But, for long-haul fleet operators whose success centers around reliable freight delivery, there is no room for error as they look for viable alternatives to diesel," said Thomas Healy, Founder and CEO of Hyliion. "That is why Hyliion is collaborating with major truck manufacturers to offer the long-range iteration of the Hypertruck ERXtm and assist freight transportation fleets to achieve the critical emission reduction mandates California and other states require without compromising range, operating costs or performance."

Taking a modular approach to the platform to meet OEM demand, address fleet needs and satisfy government mandates, the production Hypertruck ERXtm will be available in multiple iterations, including a reduced electric range model that will follow the release of the long-range version.

The ACT rule, approved by the California Air Resources Board in June 2020, requires Class 8 truck tractor manufacturers to sell ZEVs in California, beginning with Model Year 2024. The sale of a battery or fuel cell vehicle earns one credit towards an OEM's ACT obligation. Based on this rule, truck manufacturers will be able to achieve up to a 75% ZEV sales credit by selling a Class 8 truck with the Hypertruck ERXtm electric powertrain.

While California was the first state to introduce a ZEV sales requirement for medium- and heavy-duty trucks, both New Jersey and Washington have initiated formal regulatory processes to adopt the ACT Rule. Massachusetts, Rhode Island, New York, and Connecticut have also considered adoption of California's ACT regulation.

A Hypertruck ERXtm validation unit will be on display for the first time in Hyliion's booth at the Advanced Clean Transportation Expo on August 31 and September 1 at the Long Beach Convention Center.

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