• Most Popular
  • Most Shared

UPDATE 1-Azure wins Michigan contract for hybrid technology

Thu Sep 24, 2009 1:33pm EDT

Stocks

   

* Up to 50 buses to use Azure's hybrid technology

* Contract has total maximum value of $5.6 mln

* Shares rise 8 pct

Sept 24 (Reuters) - Azure Dynamics Corp (AZD.TO) said the Michigan transportation department has selected its hybrid electric technology for use in up to 50 state transportation buses, sending its shares up as much as 8 percent.

The maker of hybrid electric components and powertrain systems said the contract will remain in effect for up to three years with a total maximum value of $5.6 million.

Michigan transportation department will select a transit agency within the state to receive a first run pilot unit by year end, Azure Dynamics said.

In addition, Azure and its partners are in advanced discussions with several other state and regional authorities, the company said.

Azure Dynamics shares were up about 3 percent at 20 Canadian cents in afternoon trade on the Toronto Stock Exchange. (Reporting by Krishna Chaithanya in Bangalore; Editing by Anil D'Silva)



More from Reuters

Demonstrator holds a signboard with a slogan "Bla bla bla ACT NOW" during a rally outside the UN Climate Change Conference in Copenhagen December 12, 2009. REUTERS/Christian Charisius

"Polluters are given rights to continue their dirty habits"

A climate change scientist blasts proposals for a cap and trade system, arguing it allows dirty industries to continue polluting, instead of rewarding innovation.  Full Article | Full Coverage 

    Climate Conference
    A farmer carries buckets to collect water as he walks on a dried-up pond on the outskirts of Yingtan, Jiangxi province November 3, 2009. REUTERS/Stringer

    The heat is on

    Farmers in northwest China are living with lost crops, dry wells and frequent droughts. Their resulting poverty is directly linked to climate change.  Full Article 

    Climate conference
    Indian woman mourns death of her relative killed in tsunami in Cuddalore. When an earthquake of magnitude 9.15 struck off Indonesia's Aceh province on December, 26, 2004, it triggered a huge tsuanmi that raced across the Indian Ocean and hit Indonesia, Thailand, Sri Lanka and India. The worst natural disaster of the decade left 230,000 people dead or missing. Taken on December 28, 2004 by Arko Datta

    Pictures that defined a decade

    A woman's grief amid the tsunami devastation and one woman's fight against police in the Amazon are among the indelible Reuters images of the last 10 years.  Slideshow 

    Pictures