Smith Electric Vehicle Orders Enova Drive Systems for DOE Funded Program
03 August 2010 - 11:00PM
Business Wire
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM:
ENVS), a leading innovator of proprietary hybrid and electric drive
systems, confirmed today that they have moved toward large scale
production supply of its all-electric drive system for the Smith
Newton, the world’s largest battery-electric-powered production
truck.
Smith has placed an order for 50 units of Enova’s 120kW drive
system. This order follows two from earlier in the year, totaling
120 units year-to-date, and will be installed into the Smith Newton
truck in Kansas City.
“Enova’s drive systems offer the ideal technology for our Smith
Newton vehicles,” said Bryan Hansel, CEO of Smith. “Enova has
engineered their drive systems to easily and non-invasively
integrate with our vehicle. We look forward to expanding our
relationship with Enova via a long term supply agreement that will
allow us and our suppliers to maximize penetration and cost
effectiveness through high volume orders.”
The order for 50 Enova 120kW drive systems is on track to
culminate in a total order of over 250 by year end. Smith Electric
U.S. was recently awarded a $32 million grant by the U.S.
Department of Energy (DOE) which is being used to offset the cost
of future vehicle development and to incentivize customers to
participate in a vehicle demonstration program. “Enova is pleased
to partner with Smith in this major milestone toward greening our
nation’s commercial trucks. We are enthusiastic that the funding
and recent visit by President Obama validate our confidence that
the market is about to grow rapidly,” said Enova CEO and President
Mike Staran. “Smith Electric shares our commitment to innovating
zero-emissions vehicle technologies, and to making these
technologies more readily available as well as economically viable.
We look forward to moving our partnership, and clean vehicle
technology forward.”
Powered by the Enova 120kW drive system, the Smith Newton
all-electric trucks will provide a host of environmental and
economical advantages for fleet operators and drivers. These
include:
- Ease of use and significantly
reduced maintenance requirements.
- 6 to 8-hour battery recharge
achieved via a simple 220 volt outlet.
- Zero greenhouse gas
emissions.
- Savings related to reduced fuel
consumption.
- Energy independence from foreign
sources of oil.
- Ideal application for commercial
trucks with depot-based drive cycles and stop-and-go driving
conditions.
- Quiet, comfortable
operation.
“This award recognizes Smith’s leadership role in building the
foundation for an all-electric commercial truck industry in this
county,” said U.S. Senator Claire McCaskill (D-MO), who announced
the DOE award in March. “Their leadership is creating
next-generation jobs and developing new green technologies that
will benefit our nation.”
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, 2009.
About Smith Electric Vehicles
U.S. Corporation
Smith Electric Vehicles U.S. Corporation (www.sev-us.com), a
Delaware corporation, is an all-electric zero-emissions commercial
truck manufacturer. The company licenses its proprietary technology
from the Smith Electric Vehicles business in the U.K., the world’s
largest manufacturer and industry leader of commercial electric
vehicles. Smith U.S. produces the Smith Newton – the world’s
largest battery-electric-powered truck.
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