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.
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