Hyliion Holdings Corp. designs and manufactures the KARNO Power Module, a modular, fuel-agnostic power generation system that uses a heat-powered linear generator to produce electricity with high efficiency, ultra-low emissions, and minimal maintenance across multiple fuel sources including natural gas, hydrogen, ammonia, and biogas. The company serves six primary markets—data centers, commercial and industrial microgrids, defense, electric vehicle charging, biogas conversion, and backup/grid-balancing power—generating revenue through direct product sales of its core 200 kW system and larger Multi-MW variants, as well as through government research and development contracts for design validation and system development. Hyliion competes on technological differentiation, including superior efficiency, reduced emissions, fewer moving parts, and fuel flexibility, though it faces competition from larger established manufacturers with greater financial resources and established distribution channels.