© mariusz szachowski dreamstime.com General | March 19, 2019
Dana forms partnership as a top stakeholder in Hyliion Inc.
Ohio-based Dana Incorporated has entered into a strategic partnership with Class 8 electrification company Hyliion Incorporated, giving Dana 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, according to a press release. The investment is another step in a series of transactions designed to position Dana as the leader in e-propulsion. Under the agreement, Dana becomes Hyliion's source for traditional driveline components, as well as fully integrated e-Axles, including motors, inverters, controls, gearboxes, and thermal-management technologies. Dana was founded in 1904 and has a workforce of nearly 36,000 people in 33 countries. Texas-based 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. The company employs approximately 40 people. “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. 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," Wallace said. In the same release, Hyliion CEO Thomas Healy 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."