Odyne Completes $7 Million Private Placement To Fund Working Capital Requirements

April 01, 2008 by Jeff Shepard

Odyne Corp., a clean technology company that develops advanced plug-in hybrid electric vehicle (PHEV) propulsion systems, announced that it has completed a private placement of unregistered shares of common stock and warrants to purchase common stock, receiving gross proceeds in the amount of $7 million.

The Quercus Trust, the lead investor in the private placement, also participated in Odyne’s October 2007 convertible debenture financing. Odyne will use the net proceeds of the private placement for its working capital and capital expenditure requirements.

"This financing significantly enhances our working capital position and represents a major step forward in the execution of our business plan," said Odyne’s CEO, Alan Tannenbaum. "We have three main product lines: PHEV systems for refuse and recycling trucks; PHEV systems for shuttles and buses; and a PHEV system for aerial lift trucks for utility maintenance that has been designed for Dueco Inc. Our objective for 2008 is to deliver reliable, efficient PHEV systems for these platforms. We expect a significant jump in the delivery of our systems in 2008 and this financing allows us to fund that growth."