- DOE to provide Azure $5.4 million over four years in support of program
- "Fourth Generation" traction inverter to be integrated into Azure's patented electric powertrains with expected 60% cost, weight and volume advantages compared to current technology
- Azure taps Ford Motor Company and other partners to support program development
OAK PARK, MI, Aug. 11, 2011 /PRNewswire/ - 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 announced it has received an award from the Department of Energy (DOE) to develop a traction system to be used in future Azure products including the recently announced Ford F-Series Super Duty cab and chassis PHEV program. As part of the DOE award, Azure will receive $5.4 million over four years to support the program development. Azure expects the new traction inverter will be commercial available in early 2016.
"We are extremely pleased to have been selected by the DOE to receive this award, which is indicative of our innovative electrification expertise and know-how," said Scott Harrison, Azure's CEO. "By dramatically improving the cost, weight and volume characteristics, our new traction system is expected to be rapidly adopted throughout our commercial vehicle base and keep Azure technology at the cutting edge of electrified transportation."
In addition to the performance and economic advantages, the system is expected to be ready for next generation wide-bandgap semi-conductors bringing significantly improved efficiency and thermal performance to electrified vehicles. The award will allow Azure to continue developing its Third Generation traction system currently in development for the initial F-Series Super Duty program expected to be commercially available in 2013. Azure plans to engineer the next generation inverter technology in a parallel path and expects to identify additional synergies between the two traction system projects as it proceeds with development activity.
Consistent with Azure's strategy to partner with market leading companies to develop best in class technology solution, Azure will work several partners, including Ford Motor Company to assist with requirements definition thereby ensuring alignment with their vehicle roadmap.
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 on how Azure Dynamics products are Driving a World of Difference, please visit www.azuredynamics.com.
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
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SOURCE Azure Dynamics Corporation