Hyliion, a Pittsburgh, PA-based instant Class 8 vehicle hybrizing company, raised $21m in Series A funding.
The round was led by technology growth investor Axioma Ventures.
The company intends to use the funds to support production, product line expansion and further investment in its proprietary technology platform. Howard Jenkins, Managing Director of Axioma, and, Gideon Argov of New Era Ventures, will join Hyliion’s board of directors.
Founded in 2015 and led by Thomas Healy, CEO, Hyliion instantly hybridizes Class 8 vehicles by adding an intelligent electric drive axle, which reduces fuel consumption and emissions. The Hyliion electrification solution concentrates on long haul, over the road trucking and can be retrofitted onto existing or installed on new vehicles.