VIctory Energy, Hyliion enter LOI to deploy up to 10 KARNO generators

Victory Clean Energy (VYEY) and Hyliion Holdings Corp. (HYLN) announced they have entered into a non-binding letter of intent. Under the terms of the agreement, Victory will purchase up to 10 KARNO generators, to be deployed in the Hydrogen production facilities of their subsidiary, H2 Energy Group. Specializing in green hydrogen production from renewable biomass, H2EG intends to utilize the KARNO generators to produce electricity using the hydrogen-rich syngas derived from the biomass to power their operations. Under the terms of the LOI, H2EG is slated to receive their first five KARNO generators in the second half of 2025, each capable of producing an estimated power output of 200 kW, with a total capacity of 1MW. H2EG also plans to leverage the KARNO generators combined heat and power capabilities and utilize the excess heat to improve efficiencies in their manufacturing process. The LOI also includes the option for H2EG to purchase an additional five KARNO generators upon the successful deployment of initial units. The LOI between Hyliion and H2 Energy Group is subject to the execution of a binding purchase agreement.