Odyne Awarded $1.5 million in Tax Credits
Waukesha, WI – February 23, 2011—The Wisconsin Department of Commerce has approved $1.5 million in investor tax credits for Waukesha based Odyne Systems, LLC, which has been certified as a “Qualified New Business Venture” (QNBV). The certification is an incentive that will assist Odyne in attracting investors to support a ramp-up in production and expanded sales activities related to a new plug-in hybrid system scheduled for introduction in 2011.
Odyne’s plug-in hybrid systems for medium and heavy duty trucks are a turnkey hybrid solution for companies that utilize vehicles with driving cycles featuring a high percentage of starting and stopping, along with extended periods of jobsite idle time. Companies operating utility or work vehicles with this profile benefit significantly by using the company’s proprietary parallel plug-in hybrid system. Odyne’s unique modular system can be installed on a wide variety of new and existing vehicles, reducing fuel consumption, lowering emissions and operating quietly at the jobsite. Sales orders are up substantially in 2011.
Plug-in hybrid truck systems increase fuel efficiency while driving by using an electric motor in parallel with the existing drive train, providing launch assist and regenerative braking. Once at the jobsite, vehicles can function without using engine power. Instead, workers use the hybrid plug-in system to operate worksite applications, such as boom movement. Fleet managers may prefer a certain type of chassis, fuel type or vehicle application configuration. The Odyne system can be applied to a wide range of vehicle configurations without any changes to an OEM engine or transmission. The Odyne plug-in hybrid systems will be used on many work truck platforms, including bucket trucks, digger derricks and air compressor truck applications.
The battery system on the Odyne Plug-in hybrid units will be recharged by three different means:
1. Plugging In: Plugging in the vehicle to use electric utility grid energy.
2. Regenerative Braking: The electric motor generator slows the vehicle and uses ‘captured’ energy to recharge the battery system.
3. Engine Recharging in the Field: When the battery system is depleted to its maximum allowable level at the jobsite, the engine automatically starts and recharges the system. The engine then turns off. Truck-mounted equipment continues to operate without interruption during the recharging process.
“The tax credit is an additional incentive to attract strong partners who want to participate in supporting green technology development” noted Joe Dalum, President and Chief Executive Officer of Odyne. “We believe that the work truck industry will be strongly affected by advancements in vehicle efficiency in the coming years and we are excited to be at the leading edge. The tax credit will help attract investment to expand engineering, sales and production. We are looking forward to growing Odyne Systems, LLC further in 2011.”