Odyne Systems Announces Agreements With Johnson Controls Inc. Strategic Investment and Supply Agreements to Support Growth in Odyne Hybrid Systems for Large Trucks
WAUKESHA, Wis., July 27, 2011 /PRNewswire/ -- Odyne Systems, LLC, a leader in hybrid systems for medium and heavy duty trucks, and Johnson Controls Inc., (JCI) a leading supplier of advanced batteries that make vehicles more energy efficient, have completed both an investment agreement and a long-term hybrid master supply agreement. Under the new agreements, Johnson Controls has made a strategic investment in Odyne to fund expansion and to accelerate wide-scale commercialization of Odyne's hybrid systems for medium and heavy duty work trucks. Additionally, Odyne designates Johnson Controls-Saft as a "Preferred Supplier" of advanced lithium-ion battery systems for its plug-in hybrid system.
This partnership between Johnson Controls and Odyne brings together two innovative companies focused on developing and selling solutions that help companies and communities meet sustainability objectives and reduce costs. The Odyne plug-in hybrid system significantly increases a large truck's efficiency through operation of the hybrid system on the road and use of the large battery system at the job site. Odyne's unique modular system can be installed on a wide variety of new and existing vehicles to reduce fuel consumption, lower emissions and operate quietly at the job site.
"The strategic investment and supply agreements between Johnson Controls, the world's leading battery producer, and Odyne, the leading plug-in hybrid system supplier for large trucks, will help us continue to grow our business and advance hybrid technology for medium and heavy duty trucks to greater levels of efficiency," said Joe Dalum, President and Chief Executive Officer of Odyne Systems. "This is the first phase of a multi-stage investment on the part of JCI and is in line with a broader investment and growth strategy at Odyne. Johnson Controls shares our passion for innovation and delivery of reliable, advanced hybrid system solutions, and we look forward to the new partnership."
A leader in plug-in hybrid technology, Odyne has developed proprietary and patented hybrid technology combining reliable electric power conversion, power control and energy storage technology with Remy advanced electric propulsion motors, modular Johnson Controls-Saft battery systems and other robust, automotive quality components. Sold through a worldwide distribution network, the Odyne plug-in hybrid drive system reduces fleet operating and maintenance costs, and depending on duty cycle, enables large trucks to obtain fuel economy improvements of up to 50% or greater, compared to traditional diesel engines.
About Odyne Systems, LLC
Odyne is a leader in development and sale of hybrid drive systems for 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 has fielded more plug-in hybrid work trucks to fleets throughout the United States than any other supplier. The company sells direct to truck manufacturers and through a global distribution and service network. For further information, visit us at www.odyne.com and follow us on Twitter @odyne.
About Johnson Controls
Johnson Controls is a global diversified technology and industrial leader serving customers in over 150 countries. Their 142,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; automotive batteries; and interior systems for automobiles. Their commitment to sustainability dates back to roots in 1885, with the invention of the first electric room thermostat. Through growth strategies and by increasing market share they are committed to delivering value to shareholders and making customers successful. In 2011, Corporate Responsibility Magazine recognized Johnson Controls as the #1 company in its annual "100 Best Corporate Citizens" list. For additional information, please visit http://www.johnsoncontrols.com.
About Johnson Controls Power Solutions
Johnson Controls Power Solutions is the global leader in lead-acid starter batteries and advanced lead-acid batteries for Start-Stop vehicles. Their 35 manufacturing facilities supply more than one-third of the world's lead-acid batteries to major auto makers and aftermarket retailers. Through innovations they are building the advanced battery industry for more fuel efficient and sustainable vehicles. Their commitment to sustainability is evidenced by world-class technology, manufacturing and recycling capabilities.
SOURCE Odyne Systems, LLC