Odyne Corp., a clean technology company that develops and manufactures propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), announced that it has wrapped up a $7 million private placement to fund working capital requirements.
The Quercus Trust, a lead investor in the private placement, partook in Odyne’s October 2007 convertible debenture financing. Odyne will utilize the net earnings of the financing for its working capital and capital expenditure requirements.
Alan Tannenbaum, CEO of Odyne Corporation said, “This financing significantly enhances our working capital position and represents a major step forward in the execution of our business plan. We have three main product lines: PHEV systems for refuse and recycling trucks; PHEV systems for shuttles and buses; and a PHEV system for aerial lift trucks for utility maintenance that has been designed for Dueco Inc. Our objective for 2008 is to deliver reliable, efficient PHEV systems for these platforms. We expect a significant jump in the delivery of our systems in 2008 and this financing allows us to fund that growth.”
Accredited investors purchased shares of Odyne common stock at $0.60 per share, with five-year warrants allowing them to purchase a corresponding number of shares of common stock at an exercise price of $0.72 per share, subject to certain anti-dilution provisions.
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