As the world becomes more environmentally conscious, companies are starting to follow suit, developing innovative solutions to go green. Dwight Funding is helping Wisconsin-based Odyne Systems fund a creative and reliable solution for a cleaner environment.
Dwight’s secured line of credit is funding Odyne’s revolutionary hybrid systems in use on work trucks across the country.
Odyne is the pioneer and market leader of plug-in hybrid systems for medium and heavy-duty trucks. Their systems use plug-in hybrid technology to help power large trucks, rather than solely depending on gas or diesel fuel. In addition to providing lower vehicle emissions and better acceleration, trucks with Odyne hybrid systems have lower operating costs, and are much quieter than traditional trucks, which improves worker communication and lowers late-night disruption in residential areas.
Since the company’s start in 2009, Odyne Systems has been on a rapid track of growth and success. Their unique products make sense for both their customers and the environment, which has caused the company to experience major growth in the market.
In the past few years, Odyne has been awarded several government grants and have been endorsed by the largest automatic transmission manufacturer in the world. They’ve sold their hybrid systems to some of the largest investor owned utilities in North America and other major work truck fleets in North America.
To support this growth, the company has taken strategic equity investments however equity raises are not the best choice for Odyne's working capital needs.
To support this rapid business growth, the company has taken strategic equity investments and continues to raise additional rounds of funding. However, equity raises are not the best choice for Odyne’s working capital needs – which is where Dwight Funding was able to help. Dwight has provided a flexible secured line of credit structured to grow as the company grows.