Hyliion, a Pittsburgh, PA-based instant Class 8 vehicle hybridizing company, received an investment from Sumitomo Corporation of Americas and Axioma Ventures.
The amount of the deal was not disclosed.
The company intends to use the funds for production and product line expansion and for further investment in its proprietary technology platform.
Led by Thomas Healy, CEO, Hyliion instantly hybridizes Class 8 vehicles by adding an intelligent electric drive axle, which reduces fuel consumption and emissions by up to 30%. The Hyliion electrification solution concentrates on long haul, over the road trucking and can be retrofitted onto existing or installed on new vehicles by owners themselves.