Hyliion Inc., a company focused on providing electrification technologies that improve efficiencies and lower fuel costs for Class 8, long-haul, over-the-road fleets, has secured a Series A investment of $21 million, led by technology investor Axioma Ventures.
Hyliion says its platform “instantly hybridizes” Class 8 trucks through the integration of an intelligent electric drive axle that can be retrofitted onto semi-trucks’ trailers. The regenerative braking technology helps reduce fuel consumption and emissions by up to 30%, according to Hyliion.
The company says the funding will be used to fund Hyliion’s production and product line expansion, as well as for further investment in its proprietary technology platform.
Howard Jenkins, founding partner of Axioma, and Gideon Argov of New Era Ventures will join Hyliion’s board of directors.
“We’re excited to have partners on board like Howard and Gideon, as well as Sumitomo Corporation and FJ Management Inc., an owner of Pilot Flying J,” says Thomas Healy, CEO of Hyliion. “That provides us not only capital, but also vast strategic experience in our market.”
Hyliion, which is based in Pittsburgh, was formed in 2015.