Sumitomo Backs Hyliion; Grows Portfolio In Vehicle Fleet Management
Sumitomo Corporation of Americas (SCOA) has announced a recent investment in Hyliion, a 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 technology platform.
Hyliion hybridizes Class 8 vehicles by adding an intelligent electric drive axle, which, it claims, reduces fuel consumption and emissions by up to 30%. This electrification solution concentrates on long haul, over the road trucking and can be retrofitted onto existing or installed on new vehicles by owners themselves, which is a very unique feature.
This approach complements other leading truck electrification efforts, such as those of Tesla and Cummins, which focus on short route and local delivery vehicles.
“As we move to 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 provide us not only capital, but also vast strategic experience in our market.”
SCOA is a leading partner in the transportation industry, and sees great potential in the vehicle fleet management space.
In 2017 alone, SCOA has made several investments in automotive technology, 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.
“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 & General Manager of the Auto & Aerospace Group at SCOA.
Category: General Update, Green, News
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