Odyne Corporation Announces Purchase Order from City of New Rochelle

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Odyne Corporation (OTCBB:ODYC), the leading developer of advanced Plug-In Hybrid Electric Vehicle (PHEV) Technology, announced today a purchase order from the City of New Rochelle to up-fit an existing MAC Refuse Truck with Odyne’s PHEV capacity.

Alan Tannenbaum, CEO of Odyne Corporation comments, “We are excited to work with the City of New Rochelle, a city that is taking a leadership role in transitioning its existing fleet towards cleaner, more fuel efficient technologies. We hope this will be the first of many PHEV up-fits in the Greater New York area. We believe that fuel consumption and emissions will be reduced 30-50% depending on the usage of the vehicle”, says Alan Tannenbaum, CEO of Odyne Corporation.

Jeffrey Coleman, Commissioner of Public Works for the City of New Rochelle, said that his department was excited to partner with Odyne Corporation to retrofit one of its refuse collection vehicles with a plug-in parallel hybrid system. “By using one of the Departments’ staple, work-horse, vehicles, the system will be truly road tested. We are looking forward to the environmental and financial benefits of reduced emissions and reduced fuel usage.”

New Rochelle Mayor Noam Bramson said he was delighted that the City has made “a strong commitment to energy conservation, by embracing new technology that can reduce our reliance on fossil fuels and cut down on our greenhouse gas emissions. This step is part of a comprehensive effort guided by the City’s Environmental Conservation Advisory Committee, to make New Rochelle a model green community.”

Odyne’s plug-in hybrid electric vehicle (PHEV) powertrain and battery control technology enables buses and trucks to operate more efficiently. By plugging the vehicle into the grid, which may be done at low-cost, off-peak hours, the operator substitutes electricity for more expensive vehicle fuel, displacing the imported oil used in diesel or gasoline powered vehicles, and reduces emissions; the hybrid technology provides increased fuel efficiency, and lower maintenance expenses.

About Odyne Corporation

Odyne Corporation is a clean technology company that develops and manufactures propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), specifically medium and heavy-duty trucks and buses. The company has 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. Visit www.odyne.com for more information.

Forward-Looking Statements

This news release contains certain “forward-looking statements,” related to the business of Odyne which can be identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product development and commercialization, regulatory actions or delays, the ability to obtain or maintain patent and other proprietary intellectual property protection, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the U.S. Securities and Exchange Commission. Odyne is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.