Mr. Carr: Azure Dynamics is a company that focuses on hybrid electric and pure electric technology for commercial vehicles. And we use industry partnerships with leading OEMs, like Ford Motor Company, to provide us with an access to our particular market. That is a competitive advantage for us.
TWST: Would you give us a historical overview of your company's growth?
Mr. Carr: Yes. The company in its current form has been around for about eight years, and we've been public for about six years. We did two financings in 2009, one in the summer for $10 million and one in December for $30 million, and that really put the company in a strong balance sheet position to execute its business plan in 2010.
TWST: Can you walk us through each of your main product lines and then share some color on which of those lines you think hold the best opportunity for growth right now?
Mr. Carr: We think about the product lines in three categories: full hybrid, mild hybrid and pure electric. So with the full hybrid, we have a product that's trademarked under the name Balance, and we currently integrate that technology into the Ford Econoline E-450 chassis, which is the market-leading, medium-duty truck chassis in North America. And we sell that to commercial fleet users like FedEx, AT&T and Purolator.
Our second technology is a mild hybrid technology that we market under the trademark name LEEP, and in these applications, we electrify just a specific auxiliary power function of the vehicle, such as refrigeration or aerial lift technology. We use a battery to run the refrigeration or the aerial lift in lieu of an internal combustion engine that would consume fuel, so the customers save money at idle when the vehicle is using the battery instead of the engine. And we have partnerships for this technology with two specialty vehicle companies that are named Kidron, for the refrigeration product, and Altec, for the aerial lift product.
Our third product is a pure electric power train that's marketed under the trademark name Force Drive. And our most significant milestone with this technology is that we recently announced a partnership with Ford to integrate this into one of its small commercial vehicles that is named the Transit Connect, which will be launched later in 2010.
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