Dana Enters into Strategic Partnership with Class 8 Electrification Company Hyliion Inc.

Press Release from Dana Corporation

MAUMEE, Ohio, March 7, 2019 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that it has entered into a strategic partnership with Class 8 electrification company Hyliion Incorporated. Dana is taking 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 Incorporated logo. (PRNewsFoto/Dana Incorporated)

The investment is another step in a cadence of strategic transactions 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 – 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. The Hyliion 6X4HE features the company's proprietary machine learning algorithms and battery technology to optimize 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 hybridization of Class 8 vehicles for fleets ready to adopt electrified vehicles today," Mr. Wallace said. "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 is positioned to supply customers with complete hybrid systems through Hyliion's intelligent electric-hybrid controls, proprietary battery technology, and integration capabilities, along with Dana's 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

"Dana's wealth of knowledge and extensive strategic experience in the commercial-vehicle market creates a dynamic combination for our Class 8 hybrid platform," said Thomas Healy, CEO of Hyliion. "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."

Dana brings to the partnership a 115-year heritage in driveline development and manufacturing, global state-of-the-art technology centers with comprehensive electrification validation and testing capabilities, as well as shared expertise across the light-vehicle, commercial-vehicle, and off-highway segments. Additionally, Dana's established field service specialists will work together with Hyliion's team to jointly call on fleets throughout North America.

About Dana Incorporated
Dana is a world leader in highly engineered solutions for improving the efficiency, performance, and sustainability of powered vehicles and machinery. Dana supports the passenger vehicle, commercial truck, and off-highway markets, as well as industrial and stationary equipment applications. Founded in 1904, Dana employs nearly 36,000 people in 33 countries on six continents who are committed to delivering long-term value to customers. The company reported sales of $8.1 billion in 2018. Based in Maumee, Ohio, USA, it is a people-centric organization and has been named a top employer of choice around the world, including significant honors in Asia, India, Italy, Mexico, and the United States. For more information, please visit www.dana.com.

About Hyliion Incorporated
Hyliion offers fleets an easy, efficient way to decrease fuel expenses and lower emissions by turning semi-tractors into intelligent electric hybrid vehicles. Hyliion's patented technology can be used on new or existing vehicles. Requiring no driver training, Hyliion products reduce fuel consumption, reduce emissions, and provide a positive return to fleets and the environment immediately. Hyliion was among the Top 20 Product Award winners from Heavy Duty Trucking Magazine for its 6X4HE Intelligent Hybrid Electric Truck Solution and RED Herrings's Prestigious Top 100 List. For more information, visit hyliion.com.

Companies Mentioned in this Press Release:
Business Categories Mentioned in this Press Release: