Hyliion, the instant Class 8 vehicle hybrizing company announced today a Series A investment of $21 million led by technology growth investor Axioma Ventures. The financing will be used to fund Hyliion's production, product line expansion and for 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.
"What Thomas and the Hyliion team have developed is impressive, and we're excited to be working together," said Gideon. "Hyliion is a great example of the type of founder-led, rapidly growing business with the potential to make a meaningful positive global human impact that we like to invest in."
"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," said Thomas Healy, CEO of Hyliion, "that provides us not only capital, but also vast strategic experience in our market."
Founded in 2015 in Pittsburgh, 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 easily retrofitted onto existing or installed on new vehicles. This approach complements other leading truck electrification efforts, such as those of Tesla and Cummins, which focus on short route and local delivery vehicles.
Pittsburgh-based Hyliion founded in 2015 offers fleets an easy and efficient way to decrease fuel expenses and lower emissions by creating more intelligent Class 8 vehicles. Hyliion's patented technology can be used on new or existing vehicles. Requiring no driver training, Hyliion products provide a positive return to fleets and the environment instantly. For more information, visit http://www.hyliion.com.
About Axioma Ventures
Axioma Ventures is a venture capital firm with Fortune 1000 executive leadership and a global presence. Axioma supports entrepreneurial technology businesses with expansion capital to accelerate growth and build exceptional shareholder value.
About New Era Ventures
New Era Ventures is a growth venture investment firm with offices in Tel Aviv and Boston. The fund is focused on investments in technology companies with an ability to scale rapidly and with products and platforms that positively impact quality of life, standard of living and the environment.