Azure Dynamics and London Taxi Sign HEV Agreement

December 01, 2002 by Jeff Shepard

Azure Dynamics Corp. (Vancouver, BC) and London Taxis International (LTI) announced the signing of a memorandum of understanding (MOU) concerning a joint program to develop and produce advanced hybrid-electric-powered taxis. Under the terms of the MOU, Azure and LTI agree to work towards a development agreement and supplier relationship for hybrid-electric powertrains for current and new-generation taxis; annual volumes are projected to be up to 3,000 vehicles.

Campbell Deacon, chairman and CEO of Azure Dynamics, said, "Taxis are core constituents of our modern city lifestyles; with the enhancement of hybrid-electric technology they can now become a significant contributor to smog reduction, thus improving the quality of the environment in which we live and work. We are particularly pleased to establish this MOU with London Taxi International. The London taxi is a recognized icon around the world. Not only are the potential volumes large for Azure, the exposure of Azure's 'Smart Energy Management System' in one of the leading financial and cultural centres of the world will help our company to educate people of its environmental and economic benefits."