28/08/2008
Depressed hybrid electric vehicle specialist Azure Dynamics has won an initial order from New York-based energy and utility giant Con Edison.
Quoted on both sides of the Atlantic, Azure says Edison has ordered three units using the company’s Balance Hybrid Electric system, integrated on Ford’s E450 chassis. This system boasts a range of attributes, such as ‘engine-off at idle and below 20 mph’, while electronically supporting air conditioning, power steering and braking.
The Edison contract follows the launching of a £13 million private placement by Azure at C$0.25 (13p) to fund product development and commercialisation. Azure shares, which reached 78p three years ago before plunging to 7.5p earlier this month, have rallied to 12.25p, valuing the company at £40.7 million.
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