Enova Confirms DOE Award
14 May 2009 - 6:05AM
Business Wire
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a
production company in the emerging alternative energy industry and
a leading developer of proprietary electric, hybrid and fuel cell
digital power management systems, confirmed today that it will be
the supplier to Navistar�s IC Bus Division for the U.S. Department
of Energy (DOE) Plug-in Hybrid Electric Vehicle (PHEV) Technology
Acceleration and Deployment Activity program.
Navistar, with Enova, will develop and deploy 60 plug-in
electric hybrid buses to fleets across the nation during the
program. Using Enova�s electric drive system, IC Bus is the only
bus manufacturer that currently offers a plug-in production hybrid
school bus. In the proposed project, Enova will work to further
develop the plug-in hybrid bus into a vehicle capable of
all-electric drive for extended periods. This proposed vehicle will
have engine-off driving capability, saving fuel and reducing
emissions while traveling on electricity only.
Mike Staran, Enova�s President and CEO, said, �The DOE award
validates Enova�s technology as one that is unique and provides a
needed solution. I remain convinced that in spite of the economic
downturn, the market remains legitimate and is beginning to show
signs of opportunity. We consider our capability to be well
focused, yet acknowledge that support from channels close to
government funding and other government initiatives are critical to
realizing success.�
In addition to the award from the DOE, Enova has announced that
it has recently submitted applications totaling over $82 million
for the following:
- Advanced Technology Vehicle
Manufacturing (�ATVM�) Loan Program
FEDERAL GOVERNMENT (DEPARTMENT OF
ENERGY)
Amount Available: $25 billion
Requested: $13.2 million
- Transportation
Electrification (DE-FOA-0000028)
FEDERAL GOVERNMENT (DEPARTMENT OF
ENERGY)
Amount Available: $200 million (Area of
Interest 1)
Requesting: $50.3 million
- Alternative and Renewable
Fuel and Vehicle Technology Program (PON-08-010)
STATE GOVERNMENT (CALIFORNIA ENERGY
COMISSION)
Amount Available: $176 million
Requesting: $8.5 million
Various local government opportunities
Requesting: ~$10 million
Enova�s funding applications provide solutions that address the
long-term clean transportation needs of our community, while at the
same time allowing for the ability to implement a viable
transportation alternative immediately. Enova�s ability to retrofit
vehicles with its unique, production-proven technology, allows
quick results to improve fuel economy and reduce carbon emissions.
Enova will soon release a corporate update. This update, along with
our forthcoming quarterly report, will detail activities, customer
updates, and other significant initiatives for the company.
About Enova:
Enova Systems (http://www.enovasystems.com) 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 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
non-invasive drive systems and related components for electric,
hybrid-electric, and fuel cell powered vehicles in both the �new�
and �retrofit� vehicle sales market. For further information,
contact Enova Systems directly, or visit its Web site at
http://www.enovasystems.com.
Additional Information:
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, 2008.
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