Enova Delivers Hybrid Drive Systems to First Auto Works
10 August 2009 - 11:15PM
Business Wire
Enova Systems, Inc. (NYSE Alternext: 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 has delivered the first seventy (70) pre-transmission
hybrid drive systems to First Auto Works. FAW has ordered an
additional one hundred-fifty (150) hybrid drive systems for
delivery in 2009.
Enova Systems and First Auto Works have executed an agreement to
supply a further eight hundred (800) pre-transmission hybrid drive
systems in 2010.
Enova Systems CEO Mike Staran commented, “These developments
represent a solidification of Enova as a tier one production
supplier of unique clean vehicle solutions, capable of serving the
largest vehicle OEM’s in the world. Enova expects that this
agreement will assist us in targeting additional business for rapid
growth, especially in China.”
Enova has implemented significant process improvements to
increase capacity, quality control, and lower cost, thereby
improving the value proposition for customers. The improvements are
part of Enova’s initiative over the past 18 months to increase
output for anticipated demand from core customers and a growing
clean energy market.
First Auto Works is one of China’s largest vehicle producers,
manufacturing in excess of 1,000,000 vehicles annually. The Enova
drive system will be integrated and branded under the name of
Jiefang. The Jiefang 12 meter hybrid bus can carry 103 passengers
and travel at a maximum speed of 85 kilometers an hour. The bus
meets Euro III emission standards. It will consume only 30 liters
of fuel every 100 kilometers and discharge 20 percent less
emissions.
These hybrid power buses are part of China's initiative to
produce 500,000 electric and hybrid power vehicles. The initiative
will account for 5 percent of the automobile market, which is in
accordance with China's three-year development plan for the auto
industry, released in February.
China is offering subsidies in 13 trial cities, including
Beijing, Shanghai, Changchun, Dalian and Shenzhen. Each
energy-saving or new energy vehicle used in public services
attracts a subsidy of up to 600,000 yuan, according to a new policy
jointly issued by Ministry of Science and Technology and Ministry
of Finance.
The municipal government of Dalian and the city of Changchun has
ordered many of the hybrid buses. Fifty (50) buses will be running
in the city during the Summer Davos event, all of which will
incorporate Enova’s drive system.
About Enova:
Enova Systems Inc., an international company headquartered in
Torrance, Calif., is the leading developer of electric and hybrid
drive systems for buses and medium-duty vehicles. Enova
(www.enovasystems.com) produces four drive configurations (Pure
Electric, Series Hybrid with Diesel Generator, Pre and Posts
Transmission Parallel Hybrids) for customers including Navistar’s
IC Bus Division, Smith Electric Vehicles and the China FAW Group
Corporation. Enova’s drive systems have powered thousands of
electric and hybrid vehicles since 1980.
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.
Enova Systems Inc. (AMEX:ENA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Enova Systems Inc. (AMEX:ENA)
Historical Stock Chart
From Jul 2023 to Jul 2024