The new entity is to be named Solectria Renewables and will be 100% focused on the renewable power industry for residential, commercial and utility applications.
As announced to the public on Friday, December 17, 2004, Solectria Corporation signed a merger agreement with Azure Dynamics Corporation (a public company in Canada) to focus on hybrid vehicles and military power systems. The closing for the merger transaction will take place in late January, 2005. I will be continuing to assist Azure as a member of its advisory board. I am excited about this transition as it has been clear for some time that Solectria's hybrid electric vehicle business needs focused funding to enable it to grow in the market place. Azure's commitment to the industry made it clear that the timing is right to give Solectria's technology an incredible opportunity for great success in the hybrid and electric vehicle industry.
As a part of the transaction, in late January, 2005, key Solectria staff including chief electrical engineer, Michael Zuercher and I, as well as other new employees will be continuing the fast moving pursuit of renewable power electronics in solar photovoltaic (PV) and other renewable markets. The new entity is to be named Solectria Renewables and will be 100% focused on the renewable power industry for residential, commercial and utility applications. The business will have worldwide, exclusive rights to Solectria technology and products (developed and proven over 15 years) for the on and off-grid renewables power market. The business will be separately financed and will remain located in the Boston, Massachusetts area. All of the current inverter products for PV and other renewables markets will have a seamless transition with uninterrupted supply to customers during the late January business transition. The total focus and commitment to this market will allow significant acceleration in product availability, new product development, new features desired by customers to help drive the industry forward.
These changes are very important and exciting for both Azure Dynamics-focused on hybrid vehicles, as well as Solectria Renewables-focused on the renewables power generation business. I very much look forward to continue to work with you in this growing and exciting marketplace.