Azure Dynamics Corp. (TSX:AZD; OTC:AZDDF), which was founded in Vancouver in 1997 but now calls Michigan home, landed its single-largest order this week with Purolator ordering 600 hybrid vans to be delivered over the next three years.
With its latest order, Purolator will operate the world’s largest fleet of Azure’s Balance hybrid electric vehicles, with 955 units.
For the order Azure is integrating its hybrid electric vehicle technology, which includes lithium ion batteries, is into Ford’s E450 chassis with a Ford 5.4L gasoline engine.
Ford has been Azure’s key partner for about a decade.
The first 200 units in the order will be built and delivered to Purolator primarily in the third and fourth quarters of 2011 to facilities across Canada.
Purolator’s Halifax and Dartmouth fleet will receive 43 hybrid vans, making Purolator's Halifax fleet entirely hybrid electric.
Purolator is adding 60 hybrid vans to its Guelph fleet, 19 to its Niagara fleet and 79 to its Greater Toronto area fleet.
Azure, which is a BC Research Inc. spin-off and began on the University of British Columbia campus, says its Balance hybrid electric can improve fuel economy by up to 40%, while reducing carbon emissions by up to 30% in city conditions.
“As a result of our long and mutually beneficial relationship with Purolator, our Balance hybrid electric volume has consistently increased allowing us to reduce internal costs, refine our processes and implement product upgrades,” said Scott Harrison, Azure’s CEO, in a release.
He added that, as Azure’s first multi-year order, Purolator’s order helps the company build a predictable product backlog.
Azure is the ranked 13 on Business in Vancouver’s list of largest alternatives companies in B.C., which was published on Tuesday in issue 1108. The company had 147 employees worldwide last year, with 39 in B.C.
Azure’s share price range during the last week: $0.32 to $0.385; 52-week high: $0.405; 52-week low: $0.175.