Hyliion and Victory Execute Letter of Intent to Deploy up to 10 KARNO(TM) Generators to H2 Energy Group

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AUSTIN, TX / ACCESSWIRE / April 30, 2024 / Victory Clean Energy Inc. (OTC PINK:VYEY) ("Victory"), a trailblazer in the green hydrogen energy sector and Hyliion Holdings Corp. (NYSE:HYLN) ("Hyliion"), a developer of sustainable electricity-producing technology, today announced they have entered into a non-binding letter of intent (LOI). 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 (H2EG). 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.

"Green Hydrogen, generated from renewable or low-carbon sources, plays a vital role in advancing global sustainability efforts. At H2EG, we take pride in producing Green Hydrogen from renewable biomass at competitive economics using existing technologies," said Christopher Headrick, Founder and Executive Chairman of H2EG. "Working with companies like Hyliion further strengthens our leadership in sustainability and enhances the efficiency of our hydrogen production facilities."

The KARNO generator is a fuel-agnostic solution that leverages a linear generator architecture to produce electricity economically and efficiently. Modular in design, the generator is expected to run on a range of fuels such as hydrogen, RNG, biogas, propane, and others, require significantly lower maintenance costs, and have a much lower emissions profile than conventional technologies.

"Hyliion is thrilled to partner with H2EG, whose groundbreaking method for producing Green Hydrogen from renewable biomass is instrumental in propelling clean energy initiatives forward. With our robust architecture and versatility to run on syngas, Hyliion's KARNO generator will be well-suited for providing reliable heat and power to meet H2EG's hydrogen production requirements," said Thomas Healy, Founder and CEO of Hyliion.

The LOI between Hyliion and H2 Energy Group is subject to the execution of a binding purchase agreement. For more information about Hyliion and its innovative electrification solutions, please visit www.hyliion.com.

About H2 Energy Group
H2 Energy Group, Inc., based in Austin, Texas, utilizes cutting-edge technology to economically produce Sustainable and Renewable Hydrogen and Electricity from biomass in remote locations without reliance on the power grid. For more information, visit www.h2eg.com. H2 Energy Group is a wholly owned subsidiary of Victory Clean Energy.

About Victory Clean Energy
Victory Clean Energy is an innovative Green Hydrogen energy company dedicated to developing and implementing clean, sustainable low-cost energy solutions with applications across various industries, including transportation, power generation, and industrial processes. The Company's pioneering TrueGreen Hydrogen™ production solutions aim to provide clean, reliable, and cost-effective energy sources to a diverse range of clients. TrueGreen Hydrogen™ positions the Company as a formidable force in the low-cost Green Hydrogen sector, focusing on decarbonization in heavy transportation and industrial Hydrogen markets. With this commitment, Victory Clean Energy is dedicated to shaping a sustainable and cleaner future for industries and communities worldwide. Learn more at www.vyey.io.

About Hyliion
Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company's primary focus is to provide distributed power generators that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with a locally deployable generator that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit www.hyliion.com.

Safe Harbor Statement Victory
This press release contains "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 historical facts, included in this press release that address activities, events or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management's experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words "will," "potential," "believe," "estimated," "intend," "expect," "may," "should," "anticipate," "could," "plan," "project," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including but not limited to, our ability to successfully complete the proposed merger, integrate H2EG with our operations and realize the anticipated benefits from the merger, any unexpected costs or delays in connection with the merger, general economic conditions and the ability to manage and continue growth, and other factors described in the Company's most recent Annual Report on Form 10-K and any updates to those risk factors set forth in the Company's Quarterly Reports on Form 10-Q. Further information on such assumptions, risks and uncertainties is available in the Company's other filings with the Securities and Exchange Commission ("SEC") that are available on the SEC's website at www.sec.gov, and on the Company's website at www.vyey.com. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.