Hyliion Holdings Corp. (NYSE:HYLN) stock traded higher Tuesday as investors reacted to the company's expanding partnership with the U.S. Navy and a broader rally in growth stocks. The Nasdaq gained 1.45%, while the S&P 500 rose 0.53%.
U.S. Navy Partnership Boosts Hyliion Stock
Recently, the U.S. Navy's Office of Naval Research selected the USX-1 Defiant as a test vessel for Hyliion's KARNO technology.
The autonomous naval vessel will use the company's KARNO power system in initial sea trials funded by the Office of Naval Research to advance onboard power-generation capabilities.
The project marks another step in Hyliion's push to commercialize its clean-energy technology for both stationary and mobile applications.
