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Hyliion Awarded $41.7 Million U.S. Navy Contract to Develop Power Generation Systems

Provided by Dow Jones Jul 23, 2026, 2:52:00 AM

By Anvee Bhutani

Hyliion Holdings was awarded a $41.7 million contract from the U.S. Navy's Office of Naval Research to develop and deliver megawatt-scale KARNO power generation systems.

The cost-plus-fixed-fee contract covers the design, development, construction, testing and delivery of 2-megawatt and 3-megawatt KARNO power generation systems at locations designated by the Office of Naval Research, the modular power technology company said Wednesday.

Hyliion said it expects to provide additional details about the contract at a later date.

The company's shares rallied 17% at $4.63 in after-hours trading following the announcement. Through the close shares have more than doubled in price this year.

Write to Anvee Bhutani at anvee.bhutani@wsj.com

(END) Dow Jones Newswires

July 22, 2026 17:52 ET (21:52 GMT)

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