Announces Plan for $25 Million in Venture Capital to Support Business Start-Ups and Growth.
Waukesha, WI, February 19, 2013 – Odyne Systems President and Chief Executive Officer, Joe Dalum, welcomed Wisconsin Governor Scott Walker during a visit to the company February 18.
Governor Walker spoke before employees of Odyne Systems, a leading manufacturer of hybrid systems for medium and heavy duty trucks, and DUECO, Inc, one of Odyne’s final- stage installers of the energy saving systems. In his message, covered by local news CBS 58, WITI – TV Fox 6 News and WTMJ 4, Governor Walker expanded on his recent announcement that his new state budget, which will be delivered Wednesday, includes a $25 million investment capital fund that he indicated would help create jobs by investing in startup and emerging companies in Wisconsin.
In remarks preceding Governor Walker’s comments, Odyne President and CEO, Joe Dalum noted that timely funding from the State of Wisconsin was important to Odyne’s ability to ramp up for the next stage of growth in the company.
Odyne is a leader in plug-in hybrid systems and has developed proprietary and patented hybrid technology featuring robust automotive grade components combining reliable electric power conversion, power control and energy storage technology with advanced electric propulsion motors and modular lithium-ion battery systems. The Odyne hybrid power system interfaces with Allison Transmission’s industry leading fully-automatic transmissions and Johnson Controls modular lithium-ion battery systems, and other robust, proven automotive quality components. Odyne systems are applicable on a wide variety of truck chassis in various applications and are sold through a worldwide distribution network including DUECO, Terex Utilities and Altec. The system reduces fleet operating and maintenance costs, and, depending on duty cycle, enables large trucks to obtain fuel economy improvements of up to 50% or more compared to traditional diesel or gasoline engines.
ABOUT ODYNE SYSTEMS, LLC
Odyne is a leader in hybrid drive systems for medium and heavy duty vehicles. Odyne’s advanced plug-in hybrid technology enables trucks over 14,000 pounds to have substantially lower fuel consumption, lower emissions, improved performance, quieter job site operation and reduced operating and maintenance costs. Odyne has fielded more plug-in hybrid systems for work trucks to fleets throughout the United States than any other supplier. The company sells its unique modular hybrid system for new and retrofit applications direct to truck manufacturers and through a global distribution and service network. The name Odyne represents the combination of “O” for Optimal and “dyne” for Force. Odyne’s hybrid system for medium and heavy duty trucks represents the best hybrid power solution for large trucks. For further information, visit us at www.odyne.com and follow us on Twitter @Odyne.
About Allison Transmission
Allison Transmission is the world’s largest manufacturer of fully-automatic transmissions for medium- and heavy-duty commercial vehicles, medium- and heavy-tactical U.S. military vehicles and hybrid-propulsion systems for transit buses. Allison transmissions are used in a variety of applications including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (primarily school and transit), motor homes, off-highway vehicles and equipment (primarily energy and mining) and military vehicles (wheeled and tracked). Founded in 1915, the Allison business is headquartered in Indianapolis, Indiana, U.S.A. and employs approximately 2,800 people. Allison has manufacturing facilities and customization centers located in China, The Netherlands, Brazil, India and Hungary, with a global presence, serving customers in North America, Europe, Asia, Australia, South America and Africa. Allison also has more than 1,500 independent distributor and dealer locations worldwide. More information about Allison is available at www.allisontransmission.com.
About Johnson Controls Power Solutions
Johnson Controls Power Solutions is the global leader in lead-acid automotive batteries and advanced batteries for Start-Stop, hybrid and electric vehicles. Its 50 manufacturing, recycling and distribution centers supply more than one-third of the world’s lead-acid batteries to major automakers and aftermarket retailers. Through innovation it is building the advanced battery industry for hybrid and electric vehicles. Johnson Controls is the first company in the world to produce lithium-ion batteries for mass-production hybrid vehicles. Its commitment to sustainability is evidenced by its world-class technology, manufacturing and recycling capabilities. For additional information, please visit http://www.johnsoncontrols.com