Odyne Corp. Provides Further Update on Company Activities

HAUPPAUGE, N.Y.--Odyne Corporation (OTCBB: ODYC), a leading developer of advanced plug-in hybrid electric vehicle (PHEV) technology for trucks and buses, today provided a further update on Company activities.

Odyne recently received an order from the City of Fresno for a Mobile Power System utilizing components of its PHEV system that will be used by the City in its fleet maintenance program. Also Odyne recently received a contract for additional funding from the New York State Energy Research and Development Authority (NYSERDA) to further develop its PHEV system. These two contracts when combined with the previously announced programs for the Town of Oyster Bay and Keyspan Energy represent $669,000 in revenue and R&D funding.”

Roger Slotkin, CEO of Odyne commented, “These contracts are strong indications of the rapidly developing market for advanced plug-in hybrid powertrain systems. As the first hybrid powertrain developer for medium and heavy-duty vehicles to offer plug-in capability, Odyne has positioned itself to capture a meaningful portion of this burgeoning market.”

Mr. Slotkin continued, “We at Odyne are grateful for the confidence shown by our early investors as is evidenced by the fact that, to date, less than 15% of the Series A Convertible Preferred Stock Holders have elected to convert their shares to common stock, even following the effectiveness of our registration statement. We take that as a strong indication that our investors share our long-term enthusiasm and confidence for the prospects of the Company.” He also noted that “the Series A Convertible Preferred stockholders have significant investor protections relative to those holders who choose to convert to common stock. That being said, the Management at Odyne is strongly committed to creating value for all of its shareholders and believes that this commitment, combined with the Company’s early leadership position within the Plug-in Hybrid Vehicle market will ultimately be recognized by the marketplace.”

About Odyne Corporation

Odyne Corporation is a clean technology company that develops and manufactures propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), specifically medium and heavy-duty trucks and buses. The company has 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 to create a lower fuel cost, lower operation and maintenance cost, substantially lower emission and quieter vehicle. Odyne’s PHEV systems are series configuration hybrids with significant advantages over the parallel architecture used in hybrid passenger cars. Visit www.odyne.com for more information.