Dana Inc. and Hyliion Inc. announced that they have entered into a strategic partnership. Dana is taking an equity position as a lead investor in Hyliion, and Mark Wallace, president of Dana Commercial Vehicle Driveline Technologies, will become a member of Hyliion’s board of directors.

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.

“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. “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.”

“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, chief executive officer 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.”