StockNews.AI
HYLN
StockNews.AI
210 days

Electrigen and Hyliion to Partner Together in Advancing Methane Emissions Reductions in the Oil & Gas Industry With $6 Million Federal Grant

1. Hyliion secures a $6M DOE grant for Methane Emissions Reduction. 2. Collaboration with ElectriGen aims to reduce methane emissions in oil and gas. 3. KARNO generator uses untreated natural gas, providing lower emissions. 4. Project may create economic growth and jobs in local communities. 5. Grant contingent upon final negotiations with the U.S. DOE.

5m saved
Insight
Article

FAQ

Why Bullish?

The DOE grant strengthens Hyliion’s market position, similar to past funding boosts.

How important is it?

The article suggests positive financial implications for Hyliion and validates its technological prowess.

Why Long Term?

The successful deployment of KARNO technology can secure long-term revenue streams.

Related Companies

HYLNelectrigen
HOUSTON--(BUSINESS WIRE)--ElectriGen LLC, a power-as-a-service provider, is proud to collaborate with Hyliion Holdings Corp. (NYSE American: HYLN), a developer of sustainable electricity-producing technology, on a groundbreaking project aimed at reducing methane emissions in the oil and gas sector. Hyliion has been awarded a $6 million grant from the U.S. Department of Energy’s (DOE) Methane Emissions Reduction Program as part of a project representing $8.4 million in federal and non-federal funding. Under this initiative, Hyliion in partnership with ElectriGen will install up to 2 megawatts of its cutting-edge KARNO™ generators. The KARNO generator is a groundbreaking fuel-agnostic solution that utilizes a linear generator architecture to produce electricity both economically and efficiently. Capable of operating on over 20 different fuels, including raw, unprocessed field gas, the generator is expected to offer lower maintenance costs and a significantly reduced emissions profile compared to conventional technologies. The collaboration between ElectriGen and Hyliion is designed to demonstrate the KARNO generator’s ability to operate on well-head gas to produce sustainable, near-zero emissions electricity. The KARNO generator has been successfully tested using untreated natural gas from the Permian Basin. By utilizing excess gas that would otherwise be flared, the KARNO system can reduce methane emissions and create a valuable revenue stream, offering a sustainable and efficient power solution for the energy sector. “As part of our portfolio that represents up to several megawatts of power per deployment, this innovation is a step change in how ElectriGen can deliver near zero emissions power having the capability to use natural gas that would otherwise be unusable without fuel conditioning costs. With our partnership with Hyliion, we will custom engineer the ability to increase the power capacity per deployment,” said Chris Combs, Co-founder and COO of ElectriGen. “The award provides the industry a pathway to continue to focus on innovative technologies that pushes the envelope to achieve a best-in-class emissions profile while providing safety, cost savings, community focus, and operational reliability.” The funding is part of the U.S. DOE and U.S. Environmental Protection Agency’s $850 million Methane Emissions Reduction Program to back projects targeting advancement in monitoring, measuring, and mitigation of methane emissions across the oil and gas industry. This grant enables the deployment of the KARNO generator technology in the oil and gas industry, advancing sustainable energy generation, as well as economic growth and job creation in local communities. The funding awarded to Hyliion and ElectriGen is contingent upon the completion of final negotiations and the execution of a definitive agreement with the U.S. DOE. About ElectriGen ElectriGen is committed to creating and deploying innovative solutions that enable clean, flexible and affordable electricity production. The Company’s primary focus is to provide distributed power solutions as a service that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Houston, Texas, ElectriGen is targeting both Commercial & Industrial, as well as Oil & Gas markets with power ranging from 200kW up to multiple gigawatts for today’s data center developments with clean, operationally reliable, safe, and affordable power leading the uncharted path to revolutionize power. For further information, please visit www.electrigen.io.

Related News