Odyne Corp Awarded Municipal and Utility Projects

HAUPPAUGE, N.Y.--Odyne Corporation (OTCBB:ODYC) today announced the receipt of two new orders. The customers, Keyspan Energy Delivery Long Island and the Town of Oyster Bay, received partial funding from the Greater Long Island Clean Cities Coalition as part of its Round 7.1 Congestion Mitigation & Air Quality (CMAQ) Program. The projects highlight the versatility and adaptability of Odyne’s proprietary hybrid technology propulsion system.

KeySpan Energy Delivery Long Island and the Town of Oyster Bay in New York State will utilize Odyne’s “fuel agnostic” system for somewhat different, yet vital applications. The use of the Odyne system will reduce the fuel consumption and air pollution associated with both of these applications.

The KeySpan project, the first of its kind in the region, will take a heavy duty 33,000 lbs chassis diesel stake truck, and upfit it to run on compressed natural gas (CNG), as a hybrid electric vehicle. The upfit will consist of the installation of a CNG engine, CNG fuel storage tanks in lieu of a liquid fuel tank, and a hybrid electric propulsion system. Projected to displace 3,750 gallons of diesel fuel annually, the vehicle will have an extremely clean burning engine, and provide a pathway for meeting 2010 USEPA emissions standards ahead of schedule. The vehicle’s range will also increase by 20% as compared to a non-hybrid CNG truck. Utilizing an inherently clean engine, and improving it via the hybrid propulsion system, this vehicle can be considered among the “cleanest of clean fueled vehicles”.

The second project funded under the Greater Long Island Clean Cities program is for the installation of plug-in hybrid power systems into three existing diesel-powered recycling trucks. Syosset Truck Sales, Inc. will install the Odyne systems. Utilizing hybrid technology to attain the goals of the recycling program helps to further “green” the Town of Oyster Bay and improves the environment by introducing innovative clean air transportation improvements to the Town’s fleet. The vehicles will operate as part of the S.O.R.T. program, which performs curbside pickup of recyclables such as paper, plastics, glass, and metal wastes. The hybridization will involve removal of the existing transmission, and installation of the Auxiliary Power Unit, and a specialized battery pack and electric motor.

The project sponsors, KeySpan Energy Delivery Long Island and the Town of Oyster Bay, are leaders in maintaining environmental quality in the Long Island community, and it is expected that with the addition of the hybrid vehicles to their respective fleets, they will be among the national leaders utilizing innovative fleet technologies.

About Odyne Corporation

Odyne Corporation is a clean technology company that develops and manufactures propulsion systems for advanced Plug-in Hybrid Electric Vehicles for medium and heavy-duty trucks and buses by integrating its proprietary electric power conversion, electric power control and energy storage systems with a range of off-the-shelf components including electric motors and storage batteries. Odyne’s Plug-in Hybrid Electric Vehicle systems are series configuration hybrids that offer customers significant advantages when compared to the more familiar parallel architecture found in hybrid passenger cars. Odyne’s environmentally friendly and cost-effective Plug-in Hybrid Electric Vehicle systems allow vehicles to operate at lower costs and with lower vehicle emissions.

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. Additionally, forward-looking statements regarding the timing of receipt of new customer orders and the subsequent timing of deriving revenue and profits from them, as well as the effects of those revenues and profits on the company’s margins and financial position, are uncertain because many of the factors affecting the timing of those items are beyond the company’s control. 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.