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September 25, 2017 2:00 PM, EDT

Hyliion Receives $21 Million to Fund Production of E-Axle

Hyliion has received $21 million to fund production and technology development for its electric drive axle for Class 8 commercial vehicles, the company announced Sept. 20.

The lead investor for the Series A funding is Axioma Ventures, a venture capital firm based in Tampa, Fla., and headed by Howard Jenkins, a former CEO at supermarket operator Publix Inc. Also providing funding is New Era Venture, an investment firm with offices in Tel Aviv and Boston.

Healy

Jenkins and Gideon Argov of New Era Ventures will both join Hyliion’s board of directors.

“We’re excited to have partners on board like Howard and Gideon, as well as Sumitomo Corp. and FJ Management, an owner of Pilot Flying J, that provide us not only capital but also vast strategic experience in our market,” Hyliion CEO Thomas Healy said.

Hyliion was founded in 2015 and its hybrid electric drive axle electric is designed to reduce fuel consumption in longhaul, over-the-road tractors and could also be used as part of new hybrid-electric drivetrains being developed by Tesla and Cummins, Healy noted.