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Hypercraft, a hybrid and electric powertrain supplier for mining trucks, race cars, military vehicles, marine vessels, and other craft, raised a $26 million Series A, CEO Jake Hawksworth tells Axios Pro.

Why it matters: The startup is carving a niche supplying low-volume, high-margin manufacturers. 

Driving the news: Hypercraft closed the Series A in February at a $106 million post-money valuation.

Stalwart Ventures led the roughly nine-month raise, joined by Strategic Development Fund, an Abu Dhabi-based investment subsidiary of UAE-based defense firm Edge Group.

Follow the money: Hypercraft previously raised $6.5 million since its launch in 2021. 

State of play: The startup is supplying commercial powertrains for the Sierra Echo, a single-seat offroad vehicle.

Other powertrain systems, manufactured at the company's headquarters in Provo, Utah, "are production-ready and currently being used in various vehicle development programs," Hawksworth tells Axios.

What's next: Hypercraft plans to integrate AI and machine learning to improve its powertrain performance and energy management. 

It's also planning to license its HyperLynk communications software, which helps integrate different equipment systems, to vehicle manufacturers.

Exclusive: Hypercraft raises $26M for EV powertrains

A rendering of a Hypercraft electric powertrain installed in a four-wheel vehicle's exposed chassis.

One of the startup's powertrains installed in a vehicle chassis. Rendering: Courtesy of Hypercraft

Hypercraft, a hybrid and electric powertrain supplier for mining trucks, race cars, military vehicles, marine vessels, and other craft, raised a $26 million Series A, CEO Jake Hawksworth tells Axios Pro.Why it matters: The startup is carving a niche supplying low-volume, high-margin manufacturers.

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Exclusive: Hypercraft raises $26M for EV powertrains

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