DUECO, Inc. Announces Acquisition of Odyne Assets
manufacturers of medium and heavy duty trucks in the U.S. and one of the
largest utility truck rental companies announced that an affiliate has
acquired most of the assets of Odyne Corporation and will produce plug-in
electric hybrid drive systems for medium and heavy duty trucks.
Under the terms of a transaction that closed
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. The application of Odyne’s plug-in
technology enables truck fleets to significantly reduce fuel consumption,
emissions, noise and brake wear.
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. We are very excited about this significant
opportunity to grow our business and create new jobs. We expect the transition
to be seamless and transparent to our customers, including service and parts
support.”
About DUECO, Inc.
DUECO, Inc., the largest privately owned final-stage manufacturer of Terex
Utilities products in the U.S., is a family owned company with over 54 years
of experience in the design, production, sale and service of aerial devices,
digger derricks, cranes and other equipment. Committed to customer
satisfaction, DUECO serves a variety of markets, including the electric and
gas utility, telecommunications, contractor, government and tree care markets.
DUECO has been a leader in innovative, green technology solutions for fleets.
DUECO employs more than 300 people and operates out of 15 states. Visit DUECO
on the Web at http://www.dueco.com.
About UELC
Utility Equipment Leasing Corporation (UELC) has been renting and leasing
utility equipment nationwide and internationally for more than 40 years. UELC
has established numerous plug-in hybrid rental programs with major utilities
across the country. For more information, please visit UELC on the Web at
http://www.uelc.com.
About Odyne Corporation
Odyne Corporation, a clean technology company incorporated in
developed and manufactured propulsion systems for advanced Plug-in Hybrid
Electric Vehicles (PHEV), specifically for medium and heavy duty trucks and
buses. The company 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
enable vehicles to have lower fuel, operating and maintenance costs with
substantially lower emissions.
SOURCE DUECO, Inc.