ENOV News Enova Enters into a School Bus Program with Major N.A. Truck and Bus Manufacturer
TORRANCE, Calif.--(BUSINESS WIRE)--Dec. 16, 2005--Enova Systems (OTCBB:ENOV) (AIM:ENV) (AIM:ENVS), a leading developer and manufacturer of electric, hybrid and fuel cell digital power management systems, announced today that it has entered into a joint School Bus program with a major North American Truck Manufacturer.
The School Bus project will feature Enova's post transmission 80 kW Hybrid Drive System and has the potential to lead to future production 2006 and beyond.
"Upon successful completion of the first hybrid-electric bus, (scheduled before December 31, 2005), we believe the annual market demand for these production drive systems could grow rapidly based on discussions with this customer. The current conventional market for school buses in the United States, with this manufacturer alone, exceeds 60,000 vehicles per annum," noted Enova's CEO, Ed Riddell.
Enova believes its proprietary environmentally friendly technology, in addition to significant fuel savings to school bus operators, "will have added benefits of greatly reduced emissions, as well as noise, assisting town planners and local authorities in making towns and cities a better place to live in," according to Enova Chairman of the Board Anthony Rawlinson.
Enova believes that its strengthened balance sheet -- a result of its recent US$18 million capital raising from London's AIM market -- together with its leading-edge technological position and growing global market presence, creates an ideal environment to attract production-oriented, hybrid-electric drive system programs of this type.
About Enova Systems, Inc.
Enova Systems is a leading supplier of efficient, environmentally friendly digital power components and systems products. The Company's core competencies are focused on the development and commercialization of power management and conversion systems for mobile and stationary applications. Enova applies unique "enabling technologies" in the areas of alternative energy propulsion systems for light and heavy-duty vehicles as well as power conditioning and management systems for distributed generation systems. The Company develops, designs and produces drive systems and related components for electric, hybrid-electric, and fuel cell powered vehicles. For further information, contact Enova Systems directly, or visit its Web site at http://www.enovasystems.com.
This news release contains forward-looking statements relating to Enova Systems and its products that are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "could," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology and statements about industry trends and Enova's future performance, operations and products. These forward-looking statements are subject to and qualified by certain risks and uncertainties. These and other risks and uncertainties are detailed from time to time in Enova Systems' periodic filings with the Securities and Exchange Commission, including but not limited to Enova's annual report on Form 10-K for the year ended December 31, 2004. This forward-looking information should be considered only in connection with the aforementioned risk factors. Enova assumes no obligation to update such forward-looking statements.
