Transportation Startup Hyliion Secures $21 Million

Hyliion announced the close of $21 million in Series A financing led by Axiom Ventures, with participation from New Era Ventures.

Hyliion brings hybrid electric technology to tractor-trailers. The Hyliion System can be installed on both new and used trailers and saves up to 30 percent in fuel consumption and emissions. The company replaces the rear passive axles under trailers with intelligent electric drive axles and regenerative braking systems, similar to what’s in a Prius or Tesla. According to the company, Hyliion’s product takes less than an hour to install and can fit on all six million box trailers on the road.  

In its announcement, the company said the financing will be used to fund Hyliion’s production, product line expansion and investment in its proprietary technology platform.