Enova Announces Hybrid School Bus Order; Initial Large Scale Deployment of Federal Stimulus Dollars for School Buses
26 May 2010 - 11:00PM
Business Wire
Enova Systems, Inc (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a
leading innovator of propriety hybrid and electric drive systems,
confirmed today that they, along with Navistar International
Corporation (NYSE: NAV) and its subsidiary IC Bus, will deploy 16
hybrid school buses used for a number of school districts. This
deployment represents the initial large scale utilization of US
Department of Energy grants for clean school buses. Both Navistar,
who claims 61% of the school bus market in North America, and
Enova, believe that this initial deployment is a critical next step
in the evolution of the hybrid school bus program towards long term
production volume.
Enova COO John Mullins said, “The deployment of these initial
systems is an affirmation of Navistar’s commitment to the hybrid
school bus market. Enova supports this commitment by engineering a
post-transmission hybrid drive system that integrates easily and
non-invasively.”
Enova anticipates an increase in demand for hybrid school buses
powered by Enova’s drive system technologies. Several states and
school districts have expressed interest in expanding their hybrid
school bus fleets. This interest should continue to grow as more
tax credits and incentives become available to ease the transition
to hybrid school buses.
“This is not the first time Enova has partnered with Navistar to
break new ground in clean vehicle technology,” said Enova CEO and
President Mike Staran. “In 2005, we collaborated on the industry’s
first production plug-in hybrid vehicle, and we’ve refined the
technology since. This order for 16 Enova-powered hybrid school
buses solidifies both our companies’ positions as industry
leaders.”
Over the past years, Navistar’s plug-in hybrid school buses
powered by Enova’s ultra-efficient drive system, have demonstrated
a significant improvement in fuel economy and reduction in
emissions. The partners expect these efficiencies to drive further
demand for Navistar’s hybrid school buses.
About Enova:
Enova Systems (http://www.enovasystems.com), 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 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, 2009.
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