Heavy PHEV developer Odyne partnering up to sell to fleets
Odyne Corporation, developers of advanced plug-in hybrid electric vehicle (PHEV) technology, have revealed in their financial statements for 2006 that they have established an important new partnership with Nassau Suffolk Truck. Odyne develops proprietary electric and hybrid electric propulsion systems for advanced heavy PHEVs including trucks and buses ranging in weight from 19,501lbs to 45,000lbs GVW (Class 6,7 and 8). Components produced by Odyne include Traction Drives, Battery Chargers, DC-to-DC Converters, Vehicle Control and Monitoring Systems, Energy and Thermal Management Systems, Auxiliary Power Units, and Auxiliary Drives.Odyne's sales and marketing partnership with Nassau Suffolk Truck, a leading regional medium and heavy duty truck fleet services firm in the New York tri-state area, gives Odyne access to their range of government and business customers. Odyne CEO Roger M. Slotkin said, "Our competitive advantages over alternatively fueled vehicles and those powered by combustion engines are substantial and our fuel-agnostic system gives us the versatility to combine our technology with vehicles utilizing various types of fuels."
Analysis: Odyne's operating loss blew out from $0.622 million in 2005 to $1.681 million in 2006 so they've got a long way to go yet. Being positioned in the PHEV market at this early stage though could pay off well for them in the long run with Odyne estimating that the PHEV market could grow to $1.8 billion per year.
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[Source: Odyne Corp.]
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