Azure Dynamics files for bankruptcy, lays off employees
No one said it was going to be easy. This transition to the brave new world of running on electrons. Azure Dynamics, a public company based in Canada, after bleeding red ink for the past four years, went to the well one more time but was rebuffed by the Ontario Securities Commission, which refused to grant a prospectus for yet another stock offering. Why do we care? Because Azure Dynamics provides Ford with the drivetrain for the Ford Transit Connect Electric van. The lack of another stock offering caused Azure Dynamics to file for bankruptcy and lay off employees, while maintaining that they will continue to support existing customers.
Azure Dynamics was not Ford’s first choice as a partner for the Transit Connect Electric, as Smith Electric Vehicles claimed that honor. The two agreed to part ways prior to the beginning of production as Smith chose to pursue their own path. Smith Electric trucks are in use by Frito Lay, Staples and the U.S. Marine Corps, among others.