Oak Park-based hybrid truck developer Azure Dynamics Corp. (OTCQX: AZDDF) announced Monday that it signed its first dealer, Palmetto Truck Center, to a sales and service agreement.
The agreement allows Miami, Fla.-based Palmetto to serve growing market demand for Azure's new fuel efficient, low maintenance and environmentally friendly Balance Hybrid Electric E450 commercial vehicle.
The Balance Hybrid Electric is integrated on Ford Motor Co.'s E450 Cutaway and Strip Chassis drive system managing the conventional 5.4 litre Triton gasoline engine and the 5-speed automatic TorqShift transmission. The hybrid powertrain features electric-launch assist, engine-off at idle and regenerative braking -- which improves the vehicle's fuel economy by up to 40 percent, reduces maintenance cost by up to 30 percent and minimizes greenhouse gas emissions.
"We sought a dealership partner that has proven excellence in the commercial truck market," said Jay Sandler, Vice President of Sales for Azure Dynamics. "Palmetto immediately understood the significant value proposition of the Azure Balance Hybrid Electric vehicle. Together, we are eager to take our product to market in South Florida and beyond."
Azure Dynamics plans to sign approximately 50 dealers in the next year in major metro markets in the United States and Canada. The Company has already identified 33 initial target markets. Prior to the Palmetto relationship, Azure had been selling direct to market. However, expected demand and recently announced orders from major fleet owners like AT&T and FedEx have encouraged the Company to broaden its distribution network by partnering with highly-regarded commercial vehicle specialists.
For more information about Azure Dynamics and its family of hybrid electric and electric commercial vehicles, please visit http://www.azuredynamics.com.
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