Pewaukee, WI, March 15, 2018 --(PR.com
)-- Odyne Systems, LLC, the leader in electrification technologies for medium and heavy duty vehicles, today announced it has raised initial funds of a financing round, highlighted by an investment from Arenberg Holdings, LLC. Terms of the transaction were not disclosed.
Arenberg Holdings, LLC financially backs innovative companies that are well positioned to lead growing segments, including vehicle electrification. "Through our investment we want to enable Odyne to continue to lead the movement towards electric drive and zero-emission worksite operation in the medium and heavy duty vehicle market."
The investment will help fund expansion and will be used to build upon grants awarded to Odyne from the U.S. Department of Energy, South Coast Air Quality Management District and the California Energy Commission. In 2017, Odyne and its private sector project partners, Daimler Trucks North America and Allison Transmission, were awarded a $6 million project by the DOE to attain a 50% increase in driving fuel efficiency, a 50% overall reduction in fuel consumption and lower system costs.
"The market for electrification technology and solutions is expected to grow significantly in the medium and heavy duty trucks sector. Declining system costs, strong operator acceptance and more stringent government and industry regulations are aligning to drive demand for greater electrification. Odyne continues to increase sales of plug-in hybrid systems for large trucks to commercial and municipal fleets interested in higher efficiency, lower emissions and quiet worksite operation,” said Joe Dalum, CEO and president of Odyne Systems. The investment follows an extraordinary year for Odyne with the release of hybrid systems for new applications and continued advancements in technology. The total number of patents protecting the company’s technology grew over the past year to a total of thirty-two (32) patents granted and eighteen (18) additional patents pending.
As part of the investment, John W. Miller, founder of Arenberg Holdings, LLC, will join the company’s advisory committee. Mr. Miller brings strong manufacturing and sales experience to Odyne though his leadership role at Miller-St. Nazianz, Inc. and from his previous investments.
About Arenberg Holdings, LLC
Arenberg Holdings is a Venture Capital fund established in 2015 to make investments in companies building sustainable businesses that bring innovative solutions across all market sectors.
About Odyne Systems, LLC
Odyne is a leader in the electrification of medium and heavy-duty vehicles. Odyne’s advanced plug-in hybrid technology enables trucks over 14,000 pounds to have substantially lower fuel consumption, lower emissions, improved performance, quieter job site operation and reduced operating and maintenance costs. Odyne’s ePTO and hybrid systems are approved to operate with transmissions from Allison Transmission, and are sold directly to vehicle manufacturers or to fleets. Odyne has authorized selected Allison Transmission distributors to service Odyne systems across North America. For further information, visit www.odyne.com.