Contacts: Tony Hozeny, Department of Commerce, 608-267-9661
MADISON—Governor Scott Walker today announced that Odyne Systems, LLC (Odyne), Waukesha, Waukesha County, has received the Qualified New Business Venture certification from the Department of Commerce (Commerce).
The company’s certification by Commerce makes investors in Odyne eligible for a 25-percent tax credit on the amount they invest in the company.
“Spurring more venture capital investment is essential to the state’s economic growth,” Governor Walker said. “By encouraging investors to make crucial investments, we are turning great ideas into viable, job-creating businesses. Today, new technology firms are starting and expanding all across Wisconsin.”
“The tax credit is an additional incentive to attract strong partners who want to participate in supporting green technology development” said Joe Dalum, Odyne’s President and Chief Executive Officer. “We believe that the work truck industry will be strongly affected by advancements in vehicle efficiency in the coming years, and we are excited to be at the leading edge.”
Odyne, a clean technology company, develops and manufactures propulsion systems for plug-in hybrid electric vehicles, specifically for medium and heavy duty trucks. Odyne’s hybrid technology enables vehicles to have substantially lower fuel consumption, lower emissions, improved performance, quiet jobsite operation and reduced operating and maintenance costs.
For additional information about the Qualified New Business Venture program, please visit http://www.commerce.state.wi.us/bd/BD-Act255-QNBV.html.