MAUMEE, Ohio—Dana Inc. has taken an equity position as a lead investor in Hyliion Inc., an electrification company.
Founded in 2015, Hyliion develops intelligent, electric-hybrid architectures for Class 8 vehicles that can be installed on new trucks or retrofitted on existing trucks. Dana said its investment is another step in a cadence of strategic transactions to position Dana as the leader in E-propulsion.
Under the agreement, Dana said it becomes Hyliion's source for traditional driveline components, as well as fully integrated E-axles—which include motors, inverters, controls, gearboxes and thermal-management technologies.
The firm added that Mark Wallace, president of Dana commercial vehicle driveline technologies, will become a member of Hyliion's board of directors.
"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 hybridization of Class 8 vehicles for fleets ready to adopt electrified vehicles today," Wallace said in a statement. "Together with Hyliion, we have a unique opportunity to develop long-haul solutions that revolutionize power conveyance and support fleets in meeting their efficiency goals, while simultaneously advancing decarbonization efforts."
With its investment in Hyliion, Dana said it is positioned to supply customers with complete hybrid systems through Hyliion's intelligent electric-hybrid controls, proprietary battery technology and integration capabilities.
Based in Maumee, Dana employs nearly 36,000 people in 33 countries with $8.1 billion in sales for 2018.