Hyliion Holdings (HYLN) said Monday it received a $6 million grant as part of the US Department of Energy and US Environmental Protection Agency's $850 million Methane Emissions Reduction Program to install the KARNO generators in the oil and gas industry.
The project represents a total of $8.4 million in federal and nonfederal funding and allows the company to install as much as 2 megawatts of KARNO generators in collaboration with industry partners.
Hyliion said the funding is subject to the completion of final negotiations and the execution of a definitive agreement with the Energy department.
The company's shares were down 2.4% in recent trading.
Price: 2.67, Change: -0.07, Percent Change: -2.38
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