Azure Dynamics Corp. (TSX: AZD; LSE: ADC) has signed an agreement with FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) to develop gasoline parallel hybrid-electric powertrains for their delivery fleet.
Azure will supply a parallel hybrid-electric test vehicle to FedEx Express for the Ford E-450 hybrid commercial delivery van development program. Once the development phase is completed, FedEx Express has committed to purchase a minimum of 20 pre-production parallel hybrid-electric Ford E-450 delivery vans to be delivered by May 2008.
“These agreements with FedEx Express provide an opportunity for greater customer input in product development, as well as a high-profile, multinational fleet as a lead customer for the Ford E-450 parallel hybrid electric vehicle,” said Scott Harrison, CEO of Azure Dynamics.
In 2004, FedEx Express introduced the FedEx OptiFleet E700, an environmentally-superior delivery truck, into its delivery fleet. With 93 hybrid-electric vehicles in service in North America that have traveled more than one million miles, FedEx Express has the largest fleet of hybrid-electric delivery vehicles of any transportation company in the U.S.
About Azure Dynamics
Azure Dynamics Corporation is a developer 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 various partners and customers.
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