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USA: Hertz Adds Five Transit Connect Electric Vans to Its Fleet

OAK PARK, Mich., Oct. 17, 2011 /PRNewswire via COMTEX/ — The Hertz Corporation /quotes/zigman/439823/quotes/nls/htz HTZ -5.51% , the world’s largest general use airport car rental brand, and Azure Dynamics Corporation /quotes/zigman/23581 CA:AZD 0.00% /quotes/zigman/23577 AZDDF +10.49% (“Azure”), a world leader in the development and production of hybrid electric and electric components and powertrain systems for light and medium commercial vehicles, today jointly announced the addition of the innovative Ford Transit Connect Electric van into Hertz’s fleet, a first for the car rental industry. The five Hertz units will be deployed mid-November at multiple locations as part of Hertz Entertainment Services and Hertz on Demand car sharing.

“Hertz Entertainment Services and Hertz on Demand customers have unique vehicle needs and the Transit Connect Electric is a perfect fit for customers looking for the latest in mobility solutions while also achieving best in class sustainability practices,” commented Mark P. Frissora, Hertz Chairman and Chief Executive Officer. “We expect to deploy the Transit Connect Electric in our B to B programs for customers who need a light duty van with a high degree of cargo capacity as a part of their fleet solutions.”

“Since launching last year, a broad cross-section of businesses including utilities, delivery companies and even law firms have used the Transit Connect Electric to green their fleets,” said Nancy Gioia, director of global electrification, Ford Motor Company. “With its new Transit Connect Electric fleet, Hertz will allow even more businesses in a variety of new industries to experience 100 percent electric and zero-emissions driving.”

“The value-add of working with a marquee rental company like Hertz is that multiple end-users will get behind the wheel and experience our Transit Connect Electric first hand,” said Scott Harrison, Azure Dynamics CEO. “Although driving performance and cargo versatility will be familiar compared to the conventional product, our Force Drive(TM) powertrain runs entirely on electricity, producing zero tailpipe emissions, and will likely be the first electric drive experience for many of Hertz customers.”

According to independent data, rental car companies collectively operate approximately 1.63 million vehicles in the United States. As the economy gains traction, it is expected that U.S. rental companies will add vehicles to their fleets including fuel efficient ‘green’ vehicles.

Hertz Entertainment Services rents vehicles to various studios and entertainment companies that often choose to rent vehicles during periods of increased activity. Hertz On Demand is a pay-on-demand car membership club based on hourly rental services. The Transit Connect Electric program is a chance for both divisions to explore opportunities for the van’s inclusion in the fleet.

Hertz continues to improve the fuel economy of its vehicles through is Global EV eco-mobility program, which is championing an electric and plug-in hybrid vehicle mobility ecosystem that incorporates transportation options that minimize the impact of its operations on the environment and enables the company to continue consistent sound environmental behavior.

The Ford Transit Connect Electric utilizes Azure’s proprietary electric powertrain system and Johnson Controls’ advanced lithium-ion battery to achieve a range of 50 to 80 miles depending on auxiliary usage and drive cycle and is rechargeable using either a 240-volt or standard 120-volt outlet. Commercial vans generally return to a central location at the end of each driving cycle making for easy overnight recharging. Use of the Transit Connect Electric vehicles will also reduce fuel and maintenance costs, as well as reducing greenhouse gas emissions.

About Azure Dynamics

Azure Dynamics Corporation /quotes/zigman/23581 CA:AZD 0.00% /quotes/zigman/23577 AZDDF +10.49% is a world leader in the development and production of hybrid electric and electric components and powertrain systems for light and medium commercial vehicles. Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with a variety of partners and customers. The Company is committed to providing customers and partners with innovative, cost-efficient, and environmentally-friendly energy management solutions. For more information please visit www.azuredynamics.com .

About Hertz

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc. /quotes/zigman/439823/quotes/nls/htz HTZ -5.51% , is the world’s largest airport general use car rental brand, operating from approximately 8,500 locations in 146 countries worldwide. Hertz also operates one of the world’s largest equipment rental businesses, Hertz Equipment Rental Corporation, through approximately 320 branches in the United States, Canada, France, Spain, China and Italy. For more information please visit www.hertz.com .

The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements Advisory

Certain information included in this press release constitutes forward-looking statements and information and future-oriented financial information under applicable securities legislation and is provided for the purpose of expressing management’s current expectations and plans for the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.

More particularly, this press release contains statements concerning Azure’s anticipated: business development strategy, customer orders, product deliveries, sales, revenue and revenue growth. The forward-looking statements are based on a number of key expectations and assumptions made by Azure, including expectations and assumptions concerning achievement of current timetables for development programs and sales, target market acceptance of Azure’s products, current and new product performance, availability and cost of labor and expertise, and evolving markets for power for transportation vehicles. Although Azure believes that the expectations and assumptions used to develop the forward-looking statements are reasonable, undue reliance should not be placed on the forward-looking statements because Azure can give no assurance that they will prove to be correct.

Since forward-looking statements address future events and conditions, by their very nature they involve numerous risks and uncertainties that contribute to the possibility that the projections and forecasts in the forward-looking statements will not occur and that actual performance or results could differ materially from those anticipated in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks associated with Azure’s stage of development, history of losses and lack of historical product revenues, uncertainty as to product development and sales milestones being met, product defect and performance risks, competition for capital and market share, uncertainty as to target markets, dependence upon third parties, changes in environmental laws or policies, uncertainty as to patent and proprietary rights, availability and retention of management and key personnel, exchange rate and currency fluctuations, uncertainties relating to potential delays or changes in plans with respect to product development or capital expenditures, the ability of Azure to access sufficient capital on acceptable terms, and environmental and safety risks. This is not an exhaustive list and additional information on these risks and other factors that could affect Azure’s operations and financial results are included in reports on file with the Canadian securities regulatory authorities and can be accessed through the SEDAR website at www.sedar.com .

The forward-looking statements contained in this press release are made as of the date hereof and Azure undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Additionally, Azure undertakes no obligation to comment on the expectations of, or statements made by, third parties about Azure.
Source marketwatch.com

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