Hyliion Holdings (HYLN) and Alkhorayef Industries have signed a memorandum of understanding to deploy Hyliion's fuel-agnostic KARNO power modules in the Saudi Arabian market, Hyliion said Wednesday.
The MoU, which outlines a potential $1 billion business opportunity, follows a letter of intent signed by the companies in December 2024.
The companies plan to start with validation of two KARNO power modules in Saudi Arabia in 2026 to test their performance under high ambient temperatures, local fuel types and elevated altitudes.
Hyliion also said it will explore regional partnerships to assemble and deploy KARNO power modules in the country.
The MoU and LOI remain subject to signing of definitive agreements.
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