Hyliion Stock Is Rising Wednesday: What's Going On?

Hyliion Holdings Corp. (AMEX:HYLN) shares are trading higher Wednesday after the company announced its KARNO Power Module was selected by the U.S. Air Force and Department of Defense’s (DoD) Chief Digital and Artificial Intelligence Office (CADO) under its military multi-fuel initiative.

The Details: Given the company’s “awardable” status, Hyliion can now directly support the Air Force’s transition toward more resilient energy sources, reducing reliance on one fuel and enabling integration of alternative fuels in-line with the DoD’s energy strategy.

Hyliion was selected through the Tradewinds Solutions Marketplace, which the company said is designed to accelerate the procurement and adoption of mission critical technologies, such as artificial intelligence, machine learning and resilient energy technologies.

“Being featured on the Tradewinds Solutions Marketplace is a significant milestone for Hyliion,” said Thomas Healy, founder and CEO of Hyliion.

“It validates the strategic value of our KARNO technology and underscores our commitment to supporting government missions. We are excited to play a role in reducing logistical burdens and increasing agility by eliminating the need for separate generators for each fuel type.”

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HYLN Price Action: At the time of publication, Hyliion stock was up 46.9% at $1.67, according to data from Benzinga Pro.

Photo: courtesy of Hyliion.