Sumitomo Corpo. of Americas (SCOA) announced its recent investment in Hyliion, the instant 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 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 percent. The Hyliion electrification solution concentrates on long-haul, over-the-road trucking and can be easily retrofitted onto existing or installed on new vehicles by owners themselves. The 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.”

In 2017, 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.

“For years, we have invested alongside successful transportation and construction related businesses throughout the United States,” stated Sam Kato, senior vice president and general manager of the Auto & Aerospace Group at SCOA. “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.”