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FedEx Express, Azure Dynamics Enter Agreement to Develop Hybrid Electric Powertrain

May 18, 2007

MEMPHIS.--FedEx Express, a subsidiary of FedEx Corp. announced it has signed agreements with Azure Dynamics Corp., a developer of hybrid-electric and electric powertrains for commercial vehicles, to develop gasoline parallel hybrid-electric powertrains for their delivery fleet.

Under terms of the agreements, Azure will supply a parallel hybrid-electric test vehicle to FedEx Express for the Ford E-450 hybrid commercial delivery van development program. Once the development phase is completed, FedEx Express has committed to purchase a minimum of 20 pre-production parallel hybrid-electric Ford E-450 delivery vans to be delivered by May 2008.

“FedEx Express introduced hybrid-electric vehicles to the commercial vehicle market six years ago, and we look forward to further advancing this important, environmentally-conscious initiative with Ford and Azure Dynamics,” said John Formisano, vice president, Global Vehicles, FedEx Express. “We continue to look for opportunities for economic efficiencies, environmental stewardship and being a good corporate citizen. We are encouraged that this project can do just that.”

“These agreements with FedEx Express provide an opportunity for greater customer input in product development, as well as a high-profile, multinational fleet as a lead customer for the Ford E-450 parallel hybrid electric vehicle,” said Scott Harrison, CEO of Azure Dynamics. “We look forward to our association with FedEx Express, and to working with Ford in support of the FedEx commitment to cleaner-energy transportation solutions.”

In 2004, FedEx Express introduced the FedEx OptiFleet E700, an environmentally-superior delivery truck, into its delivery fleet. With 93 hybrid-electric vehicles in service in North America that have traveled more than one million miles, FedEx Express has the largest fleet of hybrid-electric delivery vehicles of any transportation company within the United States.

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