June 21, 2010 (FinancialWire) — Azure Dynamics Corp. (TSX: AZD) (OTC: AZDDF), a firm engaged in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles, said that it has closed an equity investment by a wholly-owned Canadian subsidiary of Johnson Controls, Inc.

Under the deal, Johnson Controls' Canadian subsidiary acquired, on a private placement basis, 21.08 million common shares of Azure, at a price of CDN$0.30 per common share, for gross proceeds to Azure of CDN$6,324,000.

As a result of the investment, Johnson Controls' Canadian subsidiary now holds around 3.4% of the issued and outstanding common shares of Azure.

Azure said it plans to use the net proceeds to fund its ongoing product development and commercialization efforts as well as for general corporate purposes.

Michigan-based Azure Dynamics is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with various partners and customers.

Wisconsin-based Johnson Controls provides products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and interior systems for automobiles.

Johnson Controls Power Solutions offers lead-acid, hybrid and electric batteries for vehicles.

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