Hyliion Delivers First of Three Hybrid Class 8 Vehicles to Penske Truck Leasing

Feb. 24, 2020 – Hyliion Incorporated today announced it will be providing three vehicles to Penske Truck Leasing, all of which will incorporate its 6X4HE Class 8 hybrid system. The first of the program's three vehicles will be displayed in the booth of partner-company Dana Incorporated (NYSE: DAN) at the 2020 Technology & Maintenance Council (TMC) Annual Meeting & Transportation Technology Exhibition.

"We are excited to deploy our technology with Penske, a company that is leading the industry shift toward electrified solutions. Our hybrid electric system on their Class 8 sleeper truck will reduce fuel consumption while also improving the driver experience," said Thomas Healy, CEO of Hyliion. "Our collaboration with Dana provided the opportunity to leverage its strong product development process and affiliation with leading fleets such as Penske to help foster this cooperative sustainability program for all key stakeholders."

The remaining vehicles will be delivered throughout the year, allowing Penske to complement its fleet with the combined Hyliion-Dana Class 8 electrified solution. It will enable Penske operators, technicians, and end customers the opportunity to start taking advantage of the many benefits that electrified powertrains have without the concerns of overcoming infrastructure, grid, and range hurdles. As part of the program, Penske will provide ongoing assessments on current and next-generation products.

"Dana is committed to helping fleets navigate the electrification journey with industry-leading technologies and programs," said Mark Wallace, president of Dana Commercial Vehicle Drive and Motion Systems. "Together with Hyliion, we have a unique opportunity to implement long-haul solutions today that revolutionize power conveyance and support fleets in meeting their sustainability goals.

"Penske is committed to advancing and testing innovative technologies that are shaping the future of electric mobility in commercial transportation," said Paul Rosa, senior vice president of procurement and fleet planning at Penske Truck Leasing. "We look forward to deploying these new vehicles into our fleet and evaluating them as a part of the diversified offering of electric vehicles we have for our customers."

The Hyliion 6X4HE system is available for immediate ordering and will be featured in Dana's booth, No. 3403, along with its Spicer Electrified™ systems, traditional driveline technologies, and other solutions for commercial vehicles, at the TMC annual meeting, Feb. 24-27.

About Dana Incorporated

Dana is a world leader in providing power-conveyance and energy-management solutions that are engineered to improve the efficiency, performance, and sustainability of light vehicles, commercial vehicles, and off-highway equipment. Enabling the propulsion of conventional, hybrid, and electric-powered vehicles, Dana equips its customers with critical drive and motion systems; electrodynamic technologies; and thermal, sealing, and digital solutions.

Founded in 1904, Dana employs more than 36,000 people who are committed to delivering long-term value to their customers, which include nearly every vehicle manufacturer in the world. Based in Maumee, Ohio, USA, and with locations in 34 countries across six continents, the company reported sales of $8.6 billion in 2019. Having established a high-performance culture that focuses on its people, the company has earned recognition around the world as a top employer. Learn more at dana.com.

About Hyliion Incorporated

Hyliion offers fleets an easy, efficient way to decrease fuel expenses and lower emissions by turning semi-tractors into intelligent electric hybrid vehicles. Hyliion's patented technology can be used on new or existing vehicles. Requiring no driver training, Hyliion provides a positive return to fleets and the environment immediately. Hyliion was among the Top 20 Product Award winners from Heavy Duty Trucking Magazine for its 6X4HE Intelligent Hybrid Electric Truck Solution and RED Herrings's Prestigious Top 100 List. For more information, visit hyliion.com.

About Penske Truck Leasing

Penske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading global transportation services provider, Penske Truck Leasing operates more than 326,000 vehicles and serves customers from more than 1,100 locations in North America, South America, Europe, Australia and Asia. Product lines include full-service truck leasing, contract maintenance, commercial and consumer truck rentals, used truck sales, transportation and warehousing management and supply chain management solutions. Visit www.pensketruckleasing.com to learn more.