Green Car Congress: PHEV System Manufacturer Odyne Corporation Shutting Down

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PHEV System Manufacturer Odyne Corporation Shutting Down

7 January 2009

Odyne Corporation, a developer and manufacturer of propulsion systems for medium- and heavy-duty Plug-in Hybrid Electric Vehicles (PHEV), is suspending operations.

As disclosed in October 2008, Odyne retained Matrix USA, LLC to explore strategic alternatives. (Earlier post.) 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 had developed a proprietary PHEV system combining electric power conversion, power control and energy storage technology, with standard electric motors, storage batteries and other off the shelf components.

January 7, 2009 in Brief | Permalink | Comments (2) | TrackBack (0)

Comments

This sort of efficient energy firm closure is becoming too common. We will look back in a few years from gasoline prices several times higher than present prices
- as we repeatedly have since the 70's.

Posted by: kelly | January 07, 2009 at 08:28 AM

Looks like this down turn is sorting the wheat from the chaff in the EV market.
First PML Flightlink with their obvioulsy underpowered wheel motors and now Odyne. This is a company selling stock to the public yet I can't seem to find any details on a specific product they offered for sale. There web site only offers a broad sort of explanation of 'potential' drive system products. Obvioulsy nothing substantial enough to keep them going.
Odyne had a COO, CFO, CTO, CMO all paying themselves $150k (that's $0.6M a year just to pay those guys out of investor funds) and a total of 19 staff and leased premises yet not a single product listed on their website??
When investor money was free flowing there was too much BS around EVs (eg ZAP) so given that the giddy investors have had a wake up call with any luck most of the BS will now be culled.

Posted by: Paul | January 07, 2009 at 03:15 PM