Hyliion (HYLN) said Tuesday that it signed a non-binding letter of intent with Al Khorayef Group to deliver up to 12 200-kilowatt KARNO generator units to Saudi Arabia for use in agricultural and other power generation applications.
The generators are expected to initially run on liquefied petroleum gas and natural gas, with the possibility to use other fuels in the future.
Through this partnership, both companies aim to explore the broader potential of KARNO generators in the regional power generation market, aligning with Saudi Arabia's Vision 2030 sustainability goals, the company said.
The letter of intent between Hyliion and Al Khorayef is contingent on the execution of a binding purchase agreement, the company added.
Shares of Hyliion were up 1% in recent trading.
Price: 2.08, Change: +0.02, Percent Change: +0.97
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