Odyne Corporation (OTCBB:ODYC), the leading developer of advanced
Plug-In Hybrid Electric Vehicle (PHEV) Technology, announced today that
it signed a cost sharing contract with the New York State Energy
Research and Development Authority (NYSERDA) to fund the expansion of
Odyne’s production capacity. Under the terms
of the contract, NYSERDA will fund half of the cost of the contracted
items up to a maximum of $534,590.
“We are appreciative of the support from the
State of New York. 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. In the past,
NYSERDA has provided product development assistance to Odyne; the need
for sophisticated production and test equipment is a direct result of
the success of the engineering work that was done with NYSERDA as well
as others," states Alan Tannenbaum, CEO of Odyne Corporation.
“NYSERDA is pleased to partner with Odyne and
support their efforts in the evolving field of Plug-In Hybrid Electric
Vehicles. This type of technology is of great benefit, reducing our
carbon footprint through decreased emissions and helping to lower our
dependence on foreign sources of fuel. 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.
Odyne’s plug-in hybrid electric vehicle (PHEV)
power-train and battery control technology enables buses and trucks to
operate more efficiently. By plugging the vehicle into the grid, which
may be done at low-cost, off-peak hours, the operator substitutes
electricity for more expensive vehicle fuel, displacing the imported oil
used in diesel or gasoline powered vehicles, and reduces emissions; the
hybrid technology provides increased fuel efficiency, and lower
maintenance expenses.
About Odyne Corporation
Odyne Corporation is a clean technology company that 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. Visit www.odyne.com
for more information.
Forward-Looking Statements
This news release contains certain “forward-looking
statements,” related to the business of Odyne
which can be identified by the use of forward-looking terminology such
as “believes,” “expects”
or similar expressions. Such forward looking statements involve known
and unknown risks and uncertainties, including uncertainties relating to
product development and commercialization, regulatory actions or delays,
the ability to obtain or maintain patent and other proprietary
intellectual property protection, market acceptance, future capital
requirements, competition in general and other factors that may cause
actual results to be materially different from those described herein as
anticipated, believed, estimated or expected. Certain of these risks and
uncertainties are or will be described in greater detail in our filings
with the U.S. Securities and Exchange Commission. Odyne is under no
obligation to (and expressly disclaims any such obligation to) update or
alter its forward-looking statements whether as a result of new
information, future events or otherwise.
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