WAUKESHA, WI – DUECO, Inc. and Utility Equipment Leasing Corporation acquired the assets of Odyne Corp. to continue production of plug-in electric hybrid drive systems for medium- and heavy-duty trucks.
Under the terms of the transaction, closed Jan. 20, the company acquired intellectual property, proprietary software and components, 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.
"This acquisition strategically expands our ability to provide customers with state of the art plug-in hybrid technology," said Joe Dalum, executive vice president of DUECO. "[It] will allow accelerated development and deployment of new hybrid technology for market segments with a strong demand for cleaner, more efficient vehicles. We expect the transition to be seamless and transparent to our customers, while at the same time excited to grow the business and create new jobs."