Hyliion Strategy and Business Model

Executive Overview

Hyliion is a U.S. energy-technology company that, by FY2024, had largely repositioned itself from a developer of electrified Class 8 truck powertrains into a developer of the KARNO generator, a fuel-flexible distributed-power platform aimed at customers that need reliable onsite electricity. Founded in 2015 and headquartered in Cedar Park, Texas, Hyliion now sits closer to the distributed-generation and power-equipment market than to the truck original equipment manufacturer market that defined its earlier years. Management’s public disclosures in FY2024 emphasized commercializing KARNO, validating performance in real-world applications, building a scalable manufacturing and supply-chain model, and preserving liquidity while the product moved from development toward market launch. The most promising applications discussed publicly include data centers, electric vehicle charging, waste-gas and biogas projects, remote industrial sites, and other commercial and industrial locations where grid access, fuel flexibility, emissions, or maintenance economics matter. Hyliion operates primarily from a U.S. base, and its FY2024 revenue was #N/A, reflecting a business still early in commercialization rather than a mature industrial company with scaled shipments.

Hyliion at a Glance

Logo
Common name	Hyliion
Full legal name	Hyliion Holdings Corp.
Headquarters	Cedar Park, Texas, United States
Ownership	Public company
Ticker	HYLN
Exchange	NYSEAMERICAN - NYSE American
Market Cap	$1.09B
Revenue (FY2024)	#N/A
Founding / major historical milestones	Founded in 2015; went public in 2020 through a merger with Tortoise Acquisition Corp.; acquired the KARNO generator business from General Electric in 2022; pivoted away from truck powertrain commercialization toward stationary distributed power in 2023.
Industry or industries	Distributed power generation, electrical equipment, energy technology
Key products or services	KARNO generator platform and related power solutions; legacy truck electrification offerings are no longer the strategic focus
Geographic footprint	Primarily U.S.-based operations, with commercial applications relevant to North America and selected international distributed-power markets
Business segments as officially reported	One operating and reportable segment
Company website	https://www.hyliion.com/

1. What Is the Strategy of Hyliion?

Hyliion’s FY2024 filings and investor communications make clear that the company’s strategy is no longer centered on becoming a scaled truck-drivetrain supplier. Instead, the strategy is to commercialize the KARNO generator as a differentiated distributed-power platform. Using the Playing to Win framework, Hyliion’s strategic logic can be described as follows.

1a. What is the winning aspiration of Hyliion?

Hyliion’s winning aspiration, as reflected in FY2024 public materials, is to become a commercially relevant provider of cleaner, flexible onsite power by turning KARNO from an acquired technology into a repeatable product business. In practice, “winning” appears to mean proving that KARNO can deliver compelling economics and reliability for distributed generation rather than simply shipping a few pilot units.

Hyliion has not framed the story around near-term market-share targets. Instead, the near-term aspiration is milestone-based: complete validation, enter commercial deployment, establish manufacturing readiness, and secure early customers in use cases where grid constraints, fuel flexibility, and lower maintenance requirements matter.
1b. Where does Hyliion play?

As of FY2024, Hyliion is choosing to play in stationary distributed power, not in broad transportation electrification. The company’s target field is onsite and distributed electricity generation for customers that value resilience and operating flexibility. Publicly discussed applications include data centers, electric vehicle charging infrastructure, commercial and industrial sites, remote operations, and projects that can use natural gas, hydrogen, biogas, landfill gas, or other off-gases.

That choice narrows the battlefield. Hyliion is not trying to be a utility, a grid-scale turbine manufacturer, or a conventional diesel-generator incumbent across every segment. It is focusing on situations where a modular, fuel-flexible generator may solve a costly power problem.
1c. How does Hyliion plan to win?

Hyliion’s apparent plan is to win through differentiation, not price leadership. Management has positioned KARNO as offering a different value proposition from traditional reciprocating engines and some alternative-power technologies: fuel flexibility, a lower-emissions profile, reduced maintenance complexity, and attractive efficiency potential. The pitch is not that Hyliion is bigger than incumbents, but that it can offer better total cost of ownership in selected applications if the technology performs as advertised in the field.

There is also an execution angle. Hyliion appears to be pursuing a relatively asset-lighter model by leaning on external manufacturing and supply-chain partners rather than building a fully vertically integrated industrial base before product-market fit is proven.
1d. What capabilities must Hyliion have in place?

To make this strategy work, Hyliion needs several capabilities that are unusually demanding for a company of its size. First is deep technical capability in generator architecture, controls, power electronics, thermal systems, and fuels. Second is productization: converting a promising technology into something manufacturable, certifiable, serviceable, and warranty-ready. Third is application engineering, because distributed-power customers buy solutions to site-specific problems, not abstract technology.

Hyliion also needs disciplined supply-chain and partner-management capabilities. Because it is not scaling with a traditional heavy-manufacturing footprint of its own, it must orchestrate contract manufacturing, supplier qualification, quality control, and field support with a high degree of rigor.
1e. What management systems does Hyliion require?

Hyliion’s strategy requires strong stage-gate management, especially in FY2024 and the periods immediately after. The company needs systems that track technical milestones, field-test results, cost-down progress, supplier readiness, certification status, and cash runway. For an early-stage industrial technology company, liquidity management is as strategic as engineering progress.

It also needs operating systems that support a transition from development to commercialization: product lifecycle management, warranty and reliability analytics, supplier-quality systems, and commercial pipeline management for long-cycle enterprise sales. Without those systems, even a technically attractive product can stall before scale.

2. What Are the Current Strategic Initiatives of Hyliion?

Based on Hyliion’s FY2024 disclosures and investor messaging, the company’s current strategic initiatives are concentrated around commercializing KARNO and reshaping the organization to support that goal.

Advance KARNO from development into commercialization. The central initiative is to complete validation, durability work, and product readiness so KARNO can move from prototype status into customer deployments. This includes proving performance in the kinds of duty cycles that matter to distributed-power buyers.
Target early verticals with acute power pain points. Hyliion has highlighted applications where reliable onsite power is economically valuable, including data centers, electric vehicle charging sites, commercial and industrial facilities, and projects that can monetize alternative fuels or waste gases. This is a practical “beachhead market” approach rather than a broad launch across all power markets.
Build manufacturing readiness through partners. In 2024, Hyliion emphasized design-for-manufacturing, supply-chain development, and external manufacturing relationships, including work with Flex. The strategic aim is to shorten the path from engineering success to repeatable production without building an oversized fixed-cost manufacturing base too early.
Exit or de-emphasize noncore legacy truck programs. Hyliion’s earlier truck-electrification efforts became strategically secondary as management concentrated resources on KARNO. This portfolio simplification matters because it reduces internal distraction and helps align capital, talent, and commercial effort around one core thesis.
Preserve balance-sheet flexibility. Because the company is still early in revenue scale, Hyliion’s public posture has been to manage spending carefully while funding technology development. Cash preservation is not just a finance decision; it is a strategic necessity until repeatable customer orders arrive.
Translate technical novelty into customer credibility. Hyliion must move beyond promising engineering claims and build trust with buyers, channel partners, and integrators. That means demonstrations, application-specific proof points, and a credible service and support plan.

3. What Is the Business Model of Hyliion?

What customers actually buy. Hyliion’s intended core offering is a distributed-power generator system built around KARNO. Customers are not buying an abstract decarbonization concept; they are buying onsite electric power, resilience, fuel flexibility, and potentially better maintenance and emissions economics for a particular site.

Recurring versus one-time revenue. As of FY2024, Hyliion was still early in commercialization, so the historical revenue base was not yet a good guide to steady-state economics. The logical long-term model appears to combine one-time equipment sales with repeat-driven revenue from service, maintenance, replacement parts, software or monitoring support, and follow-on unit deployments at the same customer.

Revenue model. The revenue model is best understood as an industrial equipment model rather than a subscription software model. Sales are likely to be project-based and lumpy at first, with long qualification cycles, then potentially more repeatable as reference installations and channel relationships develop.

How pricing power works. Any pricing power Hyliion can earn is likely to come from total cost of ownership, not brand prestige. If KARNO proves to offer fuel flexibility, lower maintenance burden, attractive efficiency, and lower emissions in constrained-power environments, Hyliion may be able to price against customer economics rather than purely against the lowest-cost generator quote.

Why the business mix matters. Hardware-only businesses can be volatile and margin-sensitive, especially at low scale. A healthier mix for Hyliion would include aftermarket service and repeat deployments because those tend to improve gross margin quality and reduce revenue lumpiness.

What drives gross margin, operating margin, and cash generation. Gross margin will depend on bill-of-materials cost, manufacturing yield, warranty performance, supplier pricing, and service attachment. Operating margin will remain pressured until the company reaches meaningful volume because engineering and commercialization overhead are high relative to revenue. Cash generation, as of FY2024, was still negative in practical terms because the business remained in development mode. The critical transition is from R&D-funded operating losses to shipment-funded gross profit.

4. What Products and/or Services Does Hyliion Sell?

KARNO generator platform. Hyliion’s principal strategic product is the KARNO generator, a distributed-power system designed to generate electricity from a range of fuels. This is the offering with the greatest current strategic importance.
Power-system integration and application support. In practice, customers in distributed generation often need more than a box that makes electricity. They need system integration, controls, site-specific engineering, and service support. Even if these are not reported as separate product lines, they are part of what the customer is buying.
Legacy truck electrification products. Hyliion historically offered truck-related electrification systems, including hybrid and extended-range concepts for heavy-duty vehicles. By FY2024, those legacy offerings were no longer the primary growth engine and had been wound down or deprioritized in favor of the stationary-power strategy.

The key distinction is between legacy transportation technology and current power-generation strategy. For understanding Hyliion today, KARNO matters far more than the company’s original truck-powertrain portfolio.

5. What Are the Key Competitors or Peers of Hyliion?

Hyliion’s current peer set is best understood through the lens of distributed power and onsite generation rather than heavy-truck electrification. The most relevant competitors and peers include the following.

Mainspring Energy. A close conceptual peer because it also promotes a novel linear-generator approach for distributed power and emphasizes fuel flexibility and lower emissions.
Cummins. A major incumbent in generator sets, engines, and distributed-power solutions with global service capabilities and deep customer relationships.
Caterpillar. Through Cat-branded power systems, Caterpillar is a formidable competitor in backup and prime power for industrial and commercial customers.
Generac. Best known for backup power but also active in commercial and industrial generation and energy technology, especially in applications where reliability and power continuity matter.
Bloom Energy. Competes in onsite power through fuel-cell systems, especially where customers value cleaner distributed electricity and resilient power for critical loads.
Capstone Green Energy. A microturbine player with relevance in distributed generation, including biogas and remote-power applications.
Wärtsilä. More prominent in larger-scale distributed energy and power-plant applications, but still a meaningful peer in flexible generation.
FuelCell Energy. Another alternative-power peer whose products can compete in selected stationary-power use cases where emissions and resilience are important.
Rehlko (formerly Kohler Energy). A conventional generation competitor in backup and mission-critical power, particularly relevant where proven service networks matter.

Hyliion is therefore competing against both incumbent engine-generator companies and emerging alternative-generation technologies. That makes commercial proof and service credibility especially important.

6. What Is the Marketing Strategy of Hyliion?

Hyliion’s marketing strategy, as inferred from FY2024 public communications, is primarily technical and account-based, not mass-market brand advertising. The company sells a complex capital product into industrial and infrastructure settings, so the marketing job is to build credibility around performance, economics, emissions, and reliability.

That means the most relevant forms of marketing are product demonstrations, application-specific case development, trade-show presence, direct engagement with strategic accounts, and ecosystem communication with channel partners, integrators, and investors. For Hyliion, marketing appears to be a supporting capability rather than the main differentiator. The real differentiation has to come from product performance and customer economics.

Over time, if KARNO reaches scaled commercialization, channel marketing and partner marketing could become more important, especially if Hyliion works through project developers, engineering-procurement-construction firms, power integrators, or other commercial intermediaries.

7. What Are the Key Customer Segments of Hyliion?

As of FY2024, Hyliion’s likely customer base is diversified by use case rather than concentrated in one mature vertical. Publicly discussed segments include the following.

Data centers and high-availability digital infrastructure. These customers care about resilient power, increasing electricity demand, and in some cases faster time to power than the grid can provide.
Electric vehicle charging developers and site operators. Distributed generation can help where charging demand outruns local grid capacity or where developers need faster deployment.
Commercial and industrial facilities. Factories, warehouses, campuses, and other industrial sites may value onsite generation for resilience, economics, or energy security.
Oil, gas, and remote industrial operations. Remote sites often have difficult fuel logistics and high uptime requirements, making fuel flexibility and serviceability important.
Biogas, landfill gas, and waste-gas projects. These applications are strategically attractive because the value proposition can include monetizing a difficult fuel stream while generating electricity.
Project developers, system integrators, and channel partners. In early commercialization, these intermediaries may matter almost as much as end users because they influence specification and deployment.

Because Hyliion was not yet a scaled commercial supplier in FY2024, it did not appear dependent on a few large revenue customers in the way a mature industrial company might be. The more important issue was which verticals could adopt first and create repeatable references.

8. What Is the Sales Model of Hyliion?

Hyliion’s sales model is best understood as a direct enterprise and project sale with long qualification cycles. Early in commercialization, the company likely needs to sell directly to technically sophisticated customers and partners because the product requires engineering discussion, site-specific evaluation, and proof of economic value.

That direct model has several implications. First, growth can be uneven because project timing matters. Second, sales and product development are closely linked; engineers often support the commercial process. Third, customer intimacy is high, which is useful while Hyliion is refining product-market fit.

Over time, Hyliion could broaden go-to-market through channel partners such as power-system integrators, original equipment manufacturer relationships, project developers, or distributors. But as of FY2024, the likely near-term model was a relatively concentrated commercial effort aimed at lighthouse customers and strategic applications rather than a broad transactional sales force.

9. In What Geographies Does Hyliion Operate?

Hyliion’s operational footprint is primarily U.S.-based. Its headquarters are in Cedar Park, Texas, and its engineering, testing, and commercialization efforts have been centered in the United States. As of FY2024, this was not a globally diversified industrial company with major manufacturing and sales hubs across every region.

That said, the addressable market for distributed generation is much broader than Hyliion’s current physical footprint. The underlying use cases for KARNO—grid constraints, remote power, data-center demand, alternative-fuel utilization, and resilient onsite electricity—exist in North America and in selected international markets.

The practical takeaway is that Hyliion’s current operations are concentrated, while its market opportunity is potentially broader. Geographic expansion, if it comes, is likely to follow product validation and partner development rather than precede them.

10. Who Are the Owners of Hyliion?

Hyliion is a publicly traded company. As of the latest proxy materials available after FY2024, ownership appears broadly dispersed rather than controlled by a single majority shareholder. Founder and Chief Executive Officer Thomas Healy has remained the most visible insider owner. Beyond that, the shareholder base is principally made up of public-market investors, including institutional holders typical of small- and mid-cap U.S. equities. Hyliion has not been publicly presented as a controlled company.

11. How Is Hyliion Organized?

Legally, Hyliion Holdings Corp. is the public parent company. Operationally, by FY2024 the business had become much simpler than its earlier truck-focused incarnation. Hyliion reported one operating and reportable segment, which means investors should not expect a diversified portfolio structure with multiple separately reported divisions.

In practical terms, the company appears organized functionally around a single strategic platform: KARNO. The core organizational building blocks are likely to include engineering and research and development, operations and supply chain, commercial and business development, and corporate support functions such as finance, legal, and public-company administration. Legacy transportation activities had been reduced in strategic importance, which likely made the organization more focused, though still resource-constrained relative to large industrial competitors.

12. How Does Hyliion Operate?

Hyliion operates like an early-stage industrial technology company. Day to day, the value-creating work is less about running high-volume factories and more about designing, testing, integrating, and preparing a complex power system for commercial scale. That includes engineering development, component sourcing, prototype and pre-production builds, controls software development, validation testing, field deployment planning, and customer-specific application work.

A critical operational challenge is bridging the gap between a promising technical platform and a product that customers will trust for essential power. That requires Hyliion to manage reliability, certification, manufacturability, warranty risk, and service readiness simultaneously. Those are classic bottlenecks for emerging power-equipment companies.

Another important feature of Hyliion’s operating model is partner dependence. Rather than relying solely on in-house manufacturing scale, the company must coordinate external suppliers and manufacturing partners while maintaining quality and protecting timelines.

13. What Are the Growth Opportunities for Hyliion?

Commercial launch of KARNO into distributed generation. The most obvious opportunity is simply successful commercialization of the core product. If Hyliion can move from demonstrations to repeat orders, the revenue base could change substantially.
Data-center power demand. Management has highlighted data centers, and the wider market backdrop is favorable: power constraints and the growth of artificial-intelligence-related compute loads increase interest in onsite and supplemental generation. This is partly external synthesis, but it aligns with Hyliion’s public positioning.
Electric vehicle charging infrastructure. Charging sites with limited grid capacity can create a practical niche for distributed power, especially where developers need faster energization than utilities can provide.
Alternative-fuel and waste-gas applications. Biogas, landfill gas, flare gas, and other low-cost or difficult fuels can be attractive use cases if KARNO performs well on them. This is a potentially differentiated niche versus conventional generators.
Aftermarket and repeat deployments. Long-term value is likely to be much greater if Hyliion can add service revenue, parts revenue, remote monitoring, and fleet expansion within existing customers.
Channel expansion and ecosystem partnerships. Growth could accelerate if Hyliion builds relationships with integrators, developers, engineering-procurement-construction firms, and other intermediaries that influence power-system purchases.
International expansion. Once the product is proven domestically, many of the most natural use cases—remote power, weak grids, industrial self-generation, and waste-gas utilization—also exist abroad.

The main constraints are equally important: proving field reliability, achieving acceptable manufacturing cost, building a service model, managing cash burn, and competing against much larger incumbents with established service networks.

14. What Is the History of Hyliion?

2015: Hyliion was founded by Thomas Healy with an initial focus on electrification solutions for heavy-duty trucks.
2015 to 2020: The company developed hybrid and later extended-range concepts for Class 8 trucking, seeking to reduce emissions and fuel costs in commercial fleets.
2020: Hyliion became a public company through its merger with Tortoise Acquisition Corp., one of the high-profile special purpose acquisition company transactions of that period.
2022: Hyliion acquired the KARNO generator business from General Electric. This was strategically important because it opened a second path beyond truck powertrains and eventually became the company’s core focus.
2023: Hyliion pivoted away from commercializing its Hypertruck ERX program and redirected resources toward KARNO and stationary distributed power.
FY2024: The company’s identity as a distributed-power technology developer became much clearer, with commercialization readiness, manufacturing partnerships, and market targeting around KARNO at the center of the story.

15. What Are the Key Suppliers to Hyliion?

Suppliers matter materially to Hyliion because the company is commercializing a complex electromechanical product without the broad in-house manufacturing footprint of a large incumbent. The most important supplier categories are likely to include precision components, power electronics, controls hardware, thermal-system parts, fabricated metal components, and final-assembly support.

The most visible publicly discussed partner is Flex, which Hyliion has highlighted in connection with manufacturing readiness for KARNO. That relationship is strategically significant because it supports design-for-manufacturing, supply-chain setup, and the move from prototype builds toward repeatable production.

Other supplier categories are important even when names are not publicly disclosed: specialist component manufacturers, contract fabricators, testing and certification providers, and logistics partners. Supplier structure matters because Hyliion’s time to market, unit cost, quality, and working-capital profile all depend on how well it orchestrates this external network.

16. How Does the Supply Chain of Hyliion Function?

Hyliion’s supply chain appears to function as a partner-enabled industrial network rather than a vertically integrated factory system. The likely flow is: engineered components are sourced from specialist suppliers, subassemblies are fabricated or assembled through partners, Hyliion oversees integration and validation, and finished units are deployed into customer sites with support from installation or systems partners where needed.

In this model, procurement and supply-chain work are strategic because small disruptions can delay customer deployments or testing milestones. Supplier quality, lead times, second-source planning, and design-for-manufacturing decisions can materially affect commercialization speed.

Service logistics also matter. Distributed-power equipment has to be supported after installation, so Hyliion eventually needs a supply chain for spare parts, field service response, and warranty support, not just initial production.

17. What Is the Technology Strategy of Hyliion?

Hyliion’s technology strategy is centered on making KARNO the basis of a differentiated distributed-power offering. In public terms, that means investing in the generator architecture itself while also developing the surrounding systems that make it commercially usable: controls, power electronics, thermal management, fuel flexibility, diagnostics, and manufacturability.

Technology at Hyliion is therefore both the product and an internal enabler. The product is the generator platform customers buy. The internal enabler is the engineering stack required to validate performance, reduce cost, improve reliability, and integrate the system into real operating environments.

What makes this notable is that Hyliion is not simply packaging commodity hardware. Its competitiveness depends on whether proprietary engineering can produce a meaningfully different operating profile from conventional generators and alternative distributed-power technologies.

18. What Is the R&D Strategy of Hyliion?

Research and development is central to Hyliion’s value proposition. As of FY2024, the company was still in a stage where engineering progress and product validation mattered more than sales-force scale. R&D therefore appears focused on three linked objectives: proving performance, improving durability and serviceability, and reducing the gap between laboratory promise and commercial manufacturability.

That makes Hyliion’s R&D strategy less about blue-sky science and more about industrial productization. The key activities are likely to include component redesign, controls refinement, application testing across different fuels and load profiles, cost-down work, and validation under real operating conditions.

The significance of the KARNO acquisition is that it gave Hyliion a technology platform to build on, but the hard work after acquisition is productizing it. In that sense, Hyliion’s R&D strategy is the bridge between technology ownership and business viability.

19. What Is the Finance Strategy of Hyliion?

Hyliion’s finance strategy, as of FY2024, appears straightforward: preserve liquidity, fund the highest-priority technical and commercialization milestones, and avoid building a cost structure that assumes revenue scale before it exists. For a company at Hyliion’s stage, cash runway is a strategic asset.

This has several implications. First, capital allocation is selective; not every possible growth initiative can be pursued at once. Second, portfolio simplification matters because legacy programs can consume cash and management attention. Third, outsourced manufacturing and partner-enabled scale can help reduce fixed-cost intensity compared with building a large in-house production footprint early.

Hyliion’s financial profile should therefore be read differently from that of a mature industrial. Near-term margins are not the main story; the key questions are whether spending is disciplined, whether commercialization milestones are being met, and whether the company can reach a point where gross profit begins to offset development burn.

20. What Major Acquisitions Has Hyliion Made?

Hyliion is not best described as a serial acquirer. The major acquisition that defines its current strategy is the 2022 acquisition of the KARNO generator business from General Electric. That transaction was strategically transformative because it gave Hyliion a new technology platform and, ultimately, a new corporate direction.

In effect, the KARNO acquisition enabled Hyliion to pivot from being primarily a truck-electrification story to becoming a distributed-power technology company. As of FY2024, that acquisition mattered far more than any broader pattern of portfolio roll-up activity. Hyliion’s M&A behavior has therefore looked selective and capability-driven rather than acquisitive for scale.

No other acquisition appears to have played a comparable role in reshaping the company’s strategic identity.

21. How Companies Like Hyliion Leverage Independent Consultants through Umbrex

Umbrex has built a global community of more than 8,000 independent management consultants based in more than 50 countries. These consultants are alumni of McKinsey, Bain, BCG, and other top firms. A company like Hyliion can use Umbrex when it needs top-tier strategy and execution support without hiring a full consulting team with corresponding overhead. That is especially relevant for an early-commercial industrial technology company balancing technical milestones, market entry, manufacturing readiness, and capital discipline.

Distributed-power market prioritization. Assess which early verticals—data centers, EV charging, waste-gas projects, remote industrial power, or commercial and industrial sites—offer the best near-term adoption odds and strongest unit economics.
Commercialization roadmap design. Build a phased go-to-market plan that sequences pilots, lighthouse accounts, channel partnerships, and broader commercial rollout.
Pricing and business-model strategy. Evaluate whether Hyliion should emphasize equipment sales, service contracts, leasing structures, or other commercial models by application.
Manufacturing scale-up planning. Support design-for-manufacturing, partner operating models, make-versus-buy choices, and production-readiness milestones with firms such as Flex and other suppliers.
Supply-chain resilience and cost reduction. Identify second-source opportunities, cost-down levers, procurement strategies, and inventory policies for a complex electromechanical product.
Service-model design. Develop field-service coverage, spare-parts strategy, warranty processes, and installed-base support economics before scaled deployment.
Data-center and power-infrastructure channel strategy. Map ecosystem partners, engineering-procurement-construction firms, developers, and integrators that can accelerate adoption in critical target markets.
Capital allocation and program governance. Create a milestone-based investment framework that links engineering progress, commercial evidence, and cash deployment.
Strategic partnership and M&A screening. Evaluate targets or partners in controls, service networks, fuel handling, microgrid integration, or application-specific market access.
International expansion planning. Size and prioritize non-U.S. markets where weak grids, remote-power demand, or alternative-fuel availability could fit KARNO well.