Azure Dynamics Signs Commercial Development and Cooperation Agreement with FPL

Azure Dynamics Corporation a leading developer of hybrid electric and electric powertrains for commercial vehicles is pleased to announce it has signed a commercial development and cooperation agreement with Florida Power and Light (“FPL”), a wholly owned subsidiary of FPL Group. Azure will deliver a gasoline parallel hybrid electric Ford E-450 based vehicle for industry viability validation, testing and demonstration within the FPL fleet.

Scott Harrison, Azure’s Chief Executive Officer said, “Florida Power and Light continue to show their environmental leadership by working with Azure to test and verify the environmental and economic benefits of hybrid drive technology.” Mr. Harrison went on to say, “Adding a utility with the national reputation of FPL verifies the versatility and broad application of our hybrid electric Ford E-450 based solution. We couldn’t be more pleased to have them on-board as our fourth lead customer.”

The parallel hybrid electric demonstration vehicle will be used to verify the fuel economy improvements, emissions reductions and maintenance cost savings that can be achieved using Azure’s patented technology. Successful completion of the program will result in the company becoming a lead customer for Azure’s hybrid technology on the Ford E-450 chassis. FPL currently runs a fleet of approximately 3,400 vehicles.