Hyliion Names Dennis M. Gallagher as Chief Operating Officer

• Gallagher will lead efforts focused on commercialization and delivery of Hyliion’s products to the market
• Global industry veteran brings decades of experience overseeing businesses in manufacturing and heavy-duty trucking industries

Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 commercial semi-trucks, has announced that Dennis M. Gallagher has joined the company as Chief Operating Officer. Gallagher brings over 20 years of experience leading high-performing business units with a focus on global manufacturing and commercial vehicles. He will oversee aspects of Hyliion’s commercialization process.

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Dennis M. Gallagher (Photo: Business Wire)

“Dennis’ experience in the heavy-duty commercial vehicle space will be invaluable as we continue to expand and achieve important milestones in our commercialization efforts, and we are pleased to bring an executive of his caliber on board,” said Hyliion CEO Thomas Healy. “He is a seasoned and trusted leader with a laser focus on operational excellence. As COO, he will work closely with me and the rest of our leadership team and will be responsible for implementing industry-leading operational practices to optimize our robust Hypertruck ERX commercialization process.”

Gallagher has extensive background in strategic planning, growth initiatives, and process implementation in the commercial vehicle and automation industries. He joins Hyliion from Jacobs Vehicle Systems, where he served as President of the industry-leading supplier to the heavy-duty commercial truck market. Previously in his career, he has held executive roles within Danaher and Fortive where he successfully led a number of global business units. Gallagher graduated from the University of Lowell with a B.S. in Electrical Engineering.

Gallagher also brings a deep network of relationships with market leading commercial OEMs. He knows industry leaders well and these relationships will be valuable for Hyliion to leverage as it continues upon its path to commercialization.

Gallagher said, “I am excited to join the Hyliion team at this important point in the company’s evolution and to help capitalize on the enormous potential of our proprietary technology. I am energized by the company’s mission and grateful for the opportunity to drive our vision forward by bringing Hyliion products from manufacturers to commercial fleets.”

About Hyliion

Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Forward Looking Statements

The information in this press release includes “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 present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2021 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

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