Sumitomo Corporation of Americas announced today its recent investment in Hyliion, the instant Class 8 vehicle hybridizing company, alongside Axioma Ventures. The financing will be used to fund Hyliion's production, product line expansion and for further investment in its proprietary technology platform.
Hyliion instantly hybridizes Class 8 vehicles by adding an intelligent electric drive axle, which reduces fuel consumption and emissions by up to 30 percent. The Hyliion electrification solution concentrates on long haul, over the road trucking and can be easily retrofitted onto existing or installed on new vehicles by owners themselves. This approach complements other leading truck electrification efforts, such as those of Tesla and Cummins, which focus on short route and local delivery vehicles.
SCOA has made several investments in automotive technology in 2017, including companies such as Transfix, Inc., a leading provider of "on-demand" trucking freight brokerage services, and Veritread, an online marketplace that procures heavy-haul construction equipment transportation.
"For years, we have invested alongside successful transportation and construction related businesses throughout the United States. We believe that the technology Hyliion is bringing to this marketplace will not only be attractive to long-haulers seeking to reduce fuel consumption and expenses – but will also make a positive global impact," stated Sam Kato, Senior Vice President and General Manager of the Auto & Aerospace Group at SCOA.