Hyliion Holdings Corp. (NYSE:HYLN) is one of the best EV penny stocks to buy according to hedge funds. On July 17, the US Navy awarded Hyliion a Phase II Small Business Innovation Research (SBIR) contract worth $1.5 million. The purpose of the agreement is for Hyliion to advance development of its scalable multi-megawatt KARNO Power Module platform for shipboard and stationary military applications.
This Phase II contract follows the successful completion of Phase I, in which Hyliion completed the initial concept design and architectural planning for a naval-compliant, multi-megawatt power generator system. The Phase II project will focus on several key areas, including: development of integrated software and power electronics to manage and synchronize multiple KARNO Cores for stable, dynamic power delivery in high-demand environments; improvements to motion control and communication systems essential for scalable operation; refinement of integrated drive electronics to meet Navy requirements for size, weight, power, and cost (SWaP-C); and alignment of control schemes and system design with naval operating standards.
The program will run for 18 months and will support both shipboard and stationary defense operations. It is expected to leverage learnings relevant to Hyliion’s commercial 2MW product roadmap.
Hyliion Holdings Corp. (NYSE:HYLN), headquartered in Austin with R&D in Cincinnati, is developing clean and flexible power solutions for electric mobility. While its core technology centers on distributed generators using multiple fuel sources, the company is expanding into mobile applications, including electric vehicles and marine transport. Targeting commercial and waste management fleets, Hyliion aims to deliver practical EV power systems that offer both environmental benefits and operational efficiency. Its approach blends innovation with adaptability to meet the evolving demands of the energy and transportation sectors.
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Disclosure: None. This article is originally published at Insider Monkey.
