Odyne Awarded Funding from New York State
Mar 24, 2008 2:15 PM
Odyne Corporation, 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," said 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.
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