Takeaways from Jordan Harbinger's podcast with
$HYLN CEO Thomas Healy from May 17: Powering the Planet When the Grid Can’t
1. Supply constrained, not demand constrained. ~500 units of LOIs signed. Deploying only ~10 units in 2026. Bottleneck is metal 3D printer capacity, which they are actively expanding.
2. Military ramp is real. Navy is already operating KARNO units on the new unmanned 200-ft vessel program. Air Force has approved the tech. NASA discussions on lunar power. Expects roughly $50M of military contracts this year alone.
3. Unit economics: 200kW box at ~$500K. Modeled every US state, and on-site KARNO power was cheaper than grid power in every one. Payback in low single-digit years.
4. ~50% fuel-to-electricity efficiency vs. ~36% for the average US grid electron and ~28 to 33% for small turbines. Power-plant-class performance in a pickup-bed footprint.
5. Best-in-class on transient response, which is the second question every data center asks after lead time. Healy positions KARNO to pair with GE Vernova turbines: turbines for steady base, KARNO for the spiky AI load.
6. Fuel agnostic across 20 fuels including landfill methane, flared gas, JP8, hydrogen, ammonia. Can switch fuels mid-operation without shutting down.
7. Optionality with nuclear: SMRs only make heat, so KARNO can sit downstream of nuclear to produce the electrons. Already in discussions with nuclear companies.
8. Quietest system the Navy has tested outside of nuclear. Meaningful for behind-the-meter siting in populated areas.
9. Backdrop: US grid rated D by ASCE, 60% of transmission past life expectancy, US adding 50 GW/yr vs China's 500 GW/yr. Behind-the-meter is the only fast path.
Link to podcast:
jordanharbinger.com/thomas-h…
