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March 25, 2008 – Vol. 13 No.1 Odyne Corporation to Expand Plug-in Hybrid Production with State Funding. The company has signed a cost sharing contract with the New York State Energy Research and Development Authority (NYSERDA) which will fund half of the cost of the contracted items up to a maximum of $534,590. Odyne Corporation develops and manufactures propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), specifically medium and heavy-duty trucks and buses. The company has developed a proprietary system combining electric power conversion, power control and energy storage technology, with standard electric motors, storage batteries and other off the shelf components that enables vehicles to have lower fuel, operating and maintenance costs with substantially lower emissions.
“These funds will facilitate the hiring and training of additional technical and production staff members and the acquisition of the production tooling and testing capabilities required to ensure the consistent quality and delivery of our products,” said Alan Tannenbaum, CEO of Odyne Corporation. “Projects such as this will help move PHEV technology into the marketplace and offer another environmentally friendly alternative to consumers in the future,” states Paul D. Tonko, president and CEO of NYSERDA.” (3/25/08)
Links: Odyne Corporation NYSERDA
Related: Odyne Receives Purchase Order From DUECO for Twenty Five Plug-in Hybrid Aerial Lift Truck Systems.
Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: Yes
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