Dana buys stake in CV electrification company Hyliion
Dana says the investment is another step in a cadence of strategic transactions to position itself as the leader in e-propulsion system.
Dana has entered into a strategic partnership with US-based class 8 electrification company Hyliion, that will see it buying an equity position as a lead investor in the company. Mark Wallace, president of Dana Commercial Vehicle Driveline Technologies, will become a member of Hyliion's board of directors.
Dana says the investment is another step in a cadence of strategic transactions to position itself as the leader in e-propulsion system. As part of the agreement, Dana will become Hyliion's source for traditional driveline components, as well as fully integrated e-axles – which include motors, inverters, controls, gearboxes, and thermal-management technologies.
Hyliion, founded in 2015, develops intelligent, electric-hybrid architectures for class 8 vehicles that can be installed on new trucks or retrofitted on existing trucks, essentially turning a traditional 6x2 truck into a 6x4 hybrid. Hyliion's 6X4HE features the company's proprietary machine learning algorithms and battery technology to optimise fuel savings and vehicle performance for reduced emissions and a better driver experience.
"Dana's investment in Hyliion continues to expand our growth and leadership in electrification across all vehicle segments and partners us with a front-runner in the hybridisation of class 8 vehicles for fleets ready to adopt electrified vehicles today," Wallace said. "Together with Hyliion, we have a unique opportunity to develop long-haul solutions that revolutionise power conveyance and support fleets in meeting their efficiency goals, while simultaneously advancing decarbonisation efforts."
With this investment Dana says it has strengthened its position to supply customers with complete hybrid systems through Hyliion's intelligent electric-hybrid controls, proprietary battery technology, and integration capabilities, along with its own offering of — Spicer electrified e-axles; TM4 motors, inverters, and power electronics; Long thermal-management solutions; auxiliary system motors through Dana's acquisition of SME Group; and traditional Spicer axles and driveshafts.
Thomas Healy, CEO, Hyliion, said: "Dana's wealth of knowledge and extensive strategic experience in the commercial-vehicle market creates a dynamic combination for our class 8 hybrid platform. We are excited to be joining forces to offer a go-to-market solution for fleets seeking e-propulsion technologies available today in the class 8 segment."
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