US company, Hyliion, has raised US$21 million (~€17.88 million) in Series A funding for production, expansion and investment in its hybrid-trailer 'Intelligent Electric Axle' system.
The Hyliion system uses regenerative braking via an 'Intelligent Electric Axle' to reduce fuel use by a reported 30 per cent.
Technology investor, Axioma Ventures, led the Series A investment, which will see Howard Jenkins, Founding Partner of Axioma, and, Gideon Argov of New Era Ventures, will join Hyliion's Board of Directors.
“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, that provides us not only capital, but also vast strategic experience in our market,” said Thomas Healy, CEO of Hyliion.
“What Thomas and the Hyliion team have developed is impressive, and we're excited to be working together,” said Argov.
“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.”
The Hyliion electrification solution reportedly concentrates on long haul, over the road trucking and can be easily retrofitted onto existing or installed on new vehicles.
This approach complements other truck electrification efforts, such as those of Tesla and Cummins, which focus on short route and local delivery vehicles, Hyliion said.