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London Black Cabs Could Go Electric

(11/28/2002)
VANCOUVER, Nov. 27 Azure Dynamics Corporation (TSX Venture - AZD) ("Azure"), a developer of hybrid electric systems for commercial vehicles, and London Taxis International ("Lti"), a manufacturer of purpose-built taxis,announced the signing of a Memorandum of Understanding regarding a joint program to develop and produce 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 in the region of 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."
Ian Pickering, CEO of Manganese Bronze Holdings PLC (100% owner of London Taxi International) stated that "London Taxi is continually focused on providing the best possible vehicles to taxi operators. We believe the Azure Dynamics hybrid electric option will become a popular transport choice"
Azure Dynamics Corporation has developed proprietary hybrid electric vehicle technology for retrofit and new vehicle powertrains in the light and medium duty commercial category.
Azure currently target markets such as the postal and courier delivery fleets.
Azure claims its hybrid vehicle technology could also be a gateway to fuel cells becoming practical, both economically and operationally. This is because a series hybrid system (battery plus fuel cell) would enable a reduction in the size of the required fuel stack and also allows much simpler power electronics thereby lowering the cost of the total fuel cell system and also simplifying many application issues.
Azure's press release made no mention of a possible timeframe for the development of the hybrid taxi.