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Azure Dynamics Corporation (AZD)
Market: CDN Consolidated
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Sep 1, 2014, 2:25 PM EDT
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Azure Dynamics and Ford of Canada Name FleetWise EV300 As Transit Connect Electric LEAD Customer
  • Six Ontario fleets to take delivery of a total of 12 Ford Transit Connect Electric commercial vans with goal of reducing greenhouse gas emissions and smog-causing pollutants in the Greater Toronto Area by 2012

  • FleetWise EV300 becomes Azure Dynamics 7th LEAD customer

  • The City of Toronto is scheduled to receive the first unit in December, 2010

OAK PARK, MI - Azure Dynamics Corporation and Ford Motor Company of Canada, Limited announced today that the Toronto Atmospheric Fund's FleetWise EV300 Initiative has been added to the LEAD customer program for the innovative Ford Transit Connect Electric commercial van with a twelve unit order.  As a LEAD customer, FleetWise EV300 will receive one of the exclusive Transit Connect Electric vehicles in late 2010 and will receive its remaining eleven vans in 2011. 

The FleetWise EV300 initiative aims to put at least 300 electric vehicles on the road in the Greater Toronto Area by 2012, helping to prepare the region for full-scale electric mobility.  Participating in the EV300 initiative allows public and private fleets, local electricity distribution companies and municipal partners to access electric vehicles, secure servicing and technical support, establish charging infrastructure, better understand vehicle-grid integration, monitor performance, and advance EV-friendly policies.

"Azure is well aligned to the FleetWise goal of building on the existing national Electric Vehicle Technology Road Map for greater EV deployment in Toronto," said Mike Elwood, Azure's vice president of marketing.  "The Transit Connect Electric program will help showcase the true value of electric vehicles as part of a sustainable transportation system and will continue to lead Canada into the future of sustainable transportation technology." 

The City of Toronto is committed to lowering emissions of greenhouse gases by 6% below 2009 levels by 2012, and lowering emissions of smog-causing pollutants by 20% below 2004 levels also by 2012.

The Toronto Atmospheric Fund FleetWise EV300 Initiative along with their Transit Connect Electric Fleet Partners, join in these efforts. The following organizations will participate in the Transit Connect Electric program: The City of Toronto; Ontario Ministry of Transportation; Veridian; The City of Hamilton; The Town of Richmond Hill; and the University of Toronto. Additional Fleet Partners will likely join in this initiative, all of whom may be able to take advantage of the $8,500 CAD Ontario tax credit with the purchase of their Transit Connect Electric. 

"As a utility van that can haul packages, shovels and everything in between, the Transit Connect Electric is a great fit for our fleet partners," said Ben Marans, FleetWise Program Director. "Being able to access these vehicles as they literally roll off the assembly line is a significant benefit for our partners and demonstrates the value of participating in a coordinated purchase program, such as FleetWise EV300."

"The Ford Transit Connect is a versatile, adaptable and dependable vehicle for commercial customers," said David Mondragon, president and CEO, Ford of Canada.  "By adding the Transit Connect Electric to their fleet, businesses are able to benefit from both the flexibility of the vehicle and the environmentally friendly technology."

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 130 km (80 miles) on a single charge and has a top speed of 120 km/h (75 mph). The battery is rechargeable using either a 240-volt or standard 120-volt outlet. 

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.

About Toronto Atmospheric Fund FleetWise EV300 Initiative

The FleetWise EV300 Initiative is a project of the Toronto Atmospheric Fund designed to help public and private fleets reduce climate and air polluting emissions. The Toronto Atmospheric Fund is a leader in developing cutting-edge climate solutions.  TAF turns ideas into action, nurtures new approaches, and clears the way for the wider adoption of critically needed new programs, policies and technologies.  TAF uses its own endowment to support community and City actions that will help Toronto reach its ambitious climate targets. For 20 years, TAF has helped make Toronto an international climate leader.  www.toronto.ca/taf

About Ford Motor Company of Canada, Limited

Ford of Canada's operations include a national headquarters, three regional offices, two branch offices, four vehicle assembly and engine manufacturing plants, and two parts distribution centres. Ford employs approximately 7,000 people in Canada, while an additional 18,000 people are employed in the more than 400 Ford and Ford-Lincoln dealerships across the country. For more information, please visit www.ford.ca.  

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

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