28th Feb 2005 07:00
Tanfield Group PLC28 February 2005 Tanfield Group Plc ("Tanfield" or the "Company") Memorandum of Understanding The Board of Tanfield is pleased to announce that its subsidiary Smiths ElectricVehicles ("SEV") has signed a Memorandum of Understanding ("MOU") with AzureDynamics Corporation (TSX - AZD & LSE - ADC) ("Azure") a leading developer ofhybrid electric powertrains for commercial and military vehicles. The intent of the MOU is to integrate Azure Dynamics power train technologyincluding, inverters, traction motors, and agreed upon auxiliaries forapplication in electric vehicles SEV currently builds as well as the nextgeneration design of this vehicle. The first vehicle is expected to be availablein May 2005 with production units becoming available in early summer. The nextgeneration vehicle, with significantly higher performance parameters, isexpected to be available from January 2006. Roy Stanley, Chief Executive of the Tanfield Group, said: "Against a backgroundthat has seen very little change in electric vehicle technology over the years,our partnership with Azure will enable us to respond to the considerable marketopportunities that exist by improving both the performance and the broaderperception of electric commercial vehicles." Campbell Deacon, Azure's CEO said, "We are very pleased with this MOU as SEVGroup has over seventy years of experience designing, manufacturing and sellingelectric vehicles for a wide range of industrial and commercial applications.These vehicles have proven to be very quiet, environmentally sound, economicaland reliable. SEV Group Limited is a UK based manufacturing company providing a complete rangeof electric vehicles, aerial access platforms, and materials handling equipmentwith comprehensive product support through their fleet maintenance operationsand worldwide dealer network. It has a customer base of over 500 users ofelectric vehicles. Azure Dynamics Corporation and its group of companies is a world leader in thedevelopment and production of hybrid electric and electric commercial andmilitary vehicles and systems. The group estimates it has over 25 million milesof vehicle experience. Azure Dynamics' operations are based in North Americaand Europe. For further information call: Tanfield Group PlcRoy Stanley - Chief Executive - 01207 521 111 Daniel Stewart & CoRuari McGirr - 020 7374 6742 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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