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azuredynamics.com

14925 West 11 Mile Road
Oak Park, MI 48237

Azure Dynamics

Founder

Mike Elwood

Mike Elwood is the vice president of marketing for Azure Dynamics, a hybrid commercial vehicle manufacturer based in Oak Park.

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Azure Dynamics is a world leader in the development and production of hybrid electric and electric components and powertrain systems for commercial vehicles. It has partnered with Ford to make the Ford Transit Connect, an award-winning hybrid and electric vehicle.
 

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Azure Dynamics' growth gets $4M thumbs up from Silicon Valley Bank

Azure Dynamics has received several votes of confidence lately, ranging from awards to growing sales for its Ford Transit Connect hybrid and electric vehicles. Now it's receiving one in its bottom line, thanks to a new $4 million line of credit from Silicon Valley Bank.The credit line, available for the next two years, gives the Oak Park-based company more liquidity at all stages of its sales cycle. Borrowings against the facility are based on eligible accounts receivable, including certain foreign receivables, inventory, and purchase orders, making the facility scalable. "The company is maturing," says Ryan Carr, CFO of Azure Dynamics. "Our business plan is one banks see as a secure place to lend money. It's a relatively small amount today, but it's scalable."Silicon Valley Bank has a reputation for investing in promising young companies on the rise, making this a banking relationship worth taking notice of for Azure Dynamics. The 8-year-old company has grown to 150 employees, including 50 in Oak Park. It has added 50 people in the last year and expects to continue hiring and to more than double its revenues next year.Source: Ryan Carr, CFO of Azure DynamicsWriter: Jon ZemkeRead more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com. read on…
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