Hyliion (HYLN) said Monday it has signed a non-binding letter of intent to collaborate with Mesa Natural Gas Solutions.
The agreement outlines a phased plan to test Hyliion's KARNO power module in industrial and oil and gas applications. Per the letter, Mesa will purchase one 200-kilowatt, or kW, KARNO power module, with the option to acquire additional units in 200-kW and 2-megawatt sizes, up to a total of 2.4 megawatts, if the technology performs successfully during testing, the company said.
The demonstration will start with a 200-kW unit operating at a commercial site using natural gas for stationary power generation. A second phase will involve deployment at an oil and gas site, using wellhead or flare gas as the fuel source, the company added.
Shares of Hyliion rose past 5% in recent trading activity.
Price: 1.72, Change: +0.09, Percent Change: +5.21
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