Azure Dynamics Announces Eighth LEAD Customer For Ford Transit Connect Electric
Dec. 7, 2010 (PR Newswire) --
OAK PARK, MI - Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF) and Ford Motor Company announced today that one of the nation's largest state utilities companies has been added to the LEAD customer program for the innovative Ford Transit Connect Electric van with a ten unit order. As a LEAD customer, the state utility will receive one of the exclusive supply of 2010 Ford Transit Connect Electric vans and will receive its remaining nine vans in 2011.
"The customer, who we can't name at this point, is a major energy provider seeking to better understand electrified vehicles to determine what infrastructure is needed to support the technology as it increases its market presence," said Scott Harrison, Azure Dynamics chief executive officer. "We're pleased that our Transit Connect Electric product has become an important instrument to help shape energy producers' approach to electrified vehicle support. That's a benefit of being first to market with a game-changing technology."
Azure previously announced that other marquee energy companies including Xcel Energy, Southern California Edison and New York Power Authority would participate in the Ford Transit Connect Electric LEAD customer program. AT&T, Johnson Controls Inc., Toronto Atmospheric Fund and Canada Post have also announced their participation the program.
Commercial vehicle fleets are increasingly seen as the logical starting point for electric vehicles due to their typical drive cycles that often include travel on predictable, short-range, routes with frequent stop and go driving in tight urban or suburban environments. Commercial vehicles generally return to a central location at the end of a drive cycle making for convenient recharging over night.
To create the Transit Connect Electric, Azure integrates its proven Force DriveTM electric powertrain into the award-winning Ford Transit Connect. Utilizing an advanced lithium-ion battery from Johnson Controls-Saft, Transit Connect Electric can achieve a range of up to 80 miles on a single charge and has a top speed of 75 mph. The battery is rechargeable using either a 240-volt or standard 120-volt outlet. Azure Dynamics will also provide its Force Drive electric powertrain for the Transit Connect Electric in Europe.
For more information on how Azure vehicles are Driving a World of Difference, please visit www.azuredynamics.com.
About Azure Dynamics
Azure Dynamics Corporation (TSX: AZD)(OTC: AZDDF) is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles. Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with a variety of partners and customers. The Company is committed to providing customers and partners with innovative, cost-efficient, and environmentally-friendly energy management solutions. For more information please visit www.azuredynamics.com.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This press release contains forward-looking statements. More particularly, this press release contains statements concerning Azure's business development strategy, projected commercial revenues and product deliveries.
The forward-looking statements are based on certain key expectations and assumptions made by Azure, including expectations and assumptions concerning achievement of current timetables for development programs, target market acceptance of Azure's products, current and new product performance, availability and cost of labor and expertise, and evolving markets for power for transportation vehicles. Although Azure believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Azure can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with Azure's early stage of development, lack of product revenues and history of losses, requirements for additional financing, uncertainty as to commercial viability, uncertainty as to product development and commercialization milestones being met, uncertainty as to the market for Azure's products and unproven acceptance of Azure's technology, competition for capital, product market and personnel, uncertainty as to target markets, dependence upon third parties, changes in environmental laws or policies, uncertainty as to patent and proprietary rights, availability of management and key personnel, and acquisition integration risk. These risks are set out in more detail in Azure's annual information form which can be accessed at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and Azure undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Azure Dynamics Corporation
Source: PR Newswire (December 7, 2010 - 9:20 AM EST)
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