MILWAUKEE (AP) -- Johnson Controls-Saft and Azure Dynamics Inc. said Tuesday they struck a five-year agreement to provide hybrid battery technology for commercial vehicle fleets in North America.
Johnson Controls-Saft -- a joint venture between auto parts maker Johnson Controls Inc. and battery producer Saft -- and hybrid components maker Azure Dynamics said the lithium-ion battery system will be used by fleet customers, such as AT&T Inc., Con Edison, FedEx Corp. and Purolator Couriers.
Hybrid vehicles currently on the road, such as Toyota Motor Corp.'s Prius, use nickel-metal hydride batteries, which are heavier and less powerful than lithium-ion batteries.
The battery systems will be assembled at the Johnson Controls-Saft facility in Milwaukee. The companies did not disclose the deal's value.
Shares of Johnson Controls fell 70 cents, or 3.8 percent, to $17.64 in afternoon trading.