Sumitomo Corpo. of Americas (SCOA) announced its recent investment in Hyliion, the Class 8 instant hybridization company, alongside Axioma Ventures.
The funding will be used to fund Hyliion’s production, product line expansion and other investments in its proprietary technology platform, according to Sumitomo.
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 focuses on long haul road trucking and can be easily installed on existing vehicles or installed on new vehicles by owners themselves. The approach complements other leading truck electrification efforts, such as those from Tesla and Cummins, which focus on short-haul and local delivery vehicles.
“As we move into the production of the Hyliion Intelligent e-Drive Axle solution, it is exciting to have Sumitomo Corporation of Americas as a partner,” said Thomas Healy, CEO of Hyliion, “They not only provide us with capital, but also a broad strategy of experience in our market.
In 2017, SCOA made several investments in automotive technology, including in companies such as Transfix, Inc., a leading provider of on-demand road freight brokerage services; and Veritread, an online marketplace that provides transportation for heavy construction equipment.
“For years, we have invested alongside successful transportation and construction related companies across the United States,” said Sam Kato, senior vice president and general manager of the Auto & Aerospace group at SCOA. “We believe that the technology that Hyliion brings to this market will not only be attractive to long-haul travelers looking to reduce fuel consumption and expenses, but will also have a positive global impact. “