DUECO Acquires Odyne PHEV Assets, Will Produce PHEV Trucks
23 January 2009
DUECO has acquired most of the assets of Odyne Corporation and will produce plug-in electric hybrid drive systems for medium and heavy duty trucks. Odyne, which was supplying PHEV systems for application in DUECO trucks (earlier post), suspended operations earlier in January (earlier post).
Under the terms of a transaction that closed 20 January, a separate affiliate of DUECO, Inc. and Utility Equipment Leasing Corporation has acquired Odyne Corporation’s intellectual property, proprietary software and components, and selected inventory and equipment assets.
This acquisition strategically expands our ability to provide our customers with state of the art plug-in hybrid technology. DUECO has been a leader in providing plug-in hybrid medium and heavy duty trucks to the utility industry during this time of increased focus on improving our environment and reducing our nation's dependence on foreign oil. The synergies created by this acquisition will allow us to accelerate development and deployment of proprietary new hybrid technology for segments of the truck market with strong demand for cleaner, more efficient vehicles.
—Joe Dalum, Executive Vice President of DUECO
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