Odyne Suspends Operations

Odyne Corp., a clean technology company that develops advanced hybrid electric vehicle propulsion systems, announced on Jan. 6 that the company will be suspending operations.

As disclosed in October 2008, Odyne retained Matrix USA, LLC to explore strategic alternatives. These efforts have not been successful. Accordingly, Odyne announced that, after careful consideration, it has determined to wind-down the operations of the company, terminate substantially all of its employees, discontinue its operating leases, resolve its outstanding liabilities and liquidate its remaining assets.

Odyne was in the business of developing and manufacturing propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), specifically medium and heavy-duty trucks and buses. The company 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.