PRESS RELEASE
Azure Dynamics Corporation (TSX: AZD)(OTC:
AZDDF) ("Azure" or the "Company"), a world leader in the development and production of hybrid electric and electric components and powertrain systems for light and medium duty commercial vehicles, today confirmed the California Air Resources Board's (CARB) aggressive incentive support for the Ford Transit Connect Electric van, effective November 1, 2011. The incentive is designed to encourage further adoption of Azure's fuel-efficient, environmentally-friendly powertrain technology employed in the Ford Transit Connect Electric. Coupled with other United States federal incentives, the payback period for the Transit Connect Electric in California is now estimated at less than two years.
The new program, which is expected to be in effect until February 2012, offers up to $15,000 for the first Transit Connect Electric purchased by a commercial fleet or municipal fleet for deployment in the State of California. Subsequent purchases of Transit Connect Electric vans will qualify for an incentive of up to $12,000, with a maximum of 100 vans per customer. Beginning in February 2012, the program will offer up to $12,000 for the first three Transit Connect Electric vans and up to $10,000 for subsequent purchases up to 100 vans per customer. Complete program details are available at www.californiahvip.org.
"On average, a Transit Connect Electric will spend about ten years in service for a commercial vehicle fleet," said Scott Harrison, Azure Dynamics CEO. "The new incentive, in combination with the operational and maintenance savings resulting from the EV powertrain, may significantly reduce the incremental Transit Connect Electric acquisition cost and provides customers with an attractive less than two-year payback."
"National and regional governments around the globe understand the value of increased deployment of electrified technology and the profound economic, environmental and energy advantages that the technology offers," said Harrison. "Incentives are a first but crucial step in building this new transportation paradigm."
The Transit Connect Electric is the result of a collaboration between Ford Motor Company and Azure Dynamics. The Transit Connect Electric utilizes an advanced lithium-ion battery from Johnson Controls to achieve a range of 50 to 80 miles depending on auxiliary power usage and drive cycle and is rechargeable using either a 240-volt or standard 120-volt outlet. California fleets interested in adding the Ford Transit Connect Electric should visit www.azuredynamics.com to find a conveniently located participating Ford Commercial Truck dealership.
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.
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