SAN FRANCISCO, Jan. 31, 2012 /PRNewswire/ -- Merriman Capital, Inc., a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR), today announced that it was retained as capital markets advisor to Enova Systems (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS). In this capacity, Merriman will advise Enova on various matters related to increasing shareholder value and expanding Enova's institutional shareholder base. Merriman Capital sole managed the sale of 11,250,000 shares of Enova common stock, plus warrants, to accredited investors for gross proceeds of $1,687,500. The transaction was lead by Anthony Low-Beer, PhD., and closed on Thursday, January 5, 2012.
Enova Systems will use the net proceeds of the financing in part to scale up production of its new Omni Drive System, and further pay for its "Green For Free" initiative. In conjunction with Freightliner Custom Chassis Corp. (a subsidiary of Daimler AG), Enova Systems intends to offer fleet executives the ability to acquire and operate all-electric vehicles for the same or lower incremental cost over the life of the vehicle of a diesel-powered commercial vehicle.
About Enova Systems, Inc.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. About Merriman Capital, Inc. Merriman Capital, Inc. is an investment banking firm providing equity and options execution services, market making, and differentiated research for high growth companies. We also provide capital raising, advisory, and M&A services. Merriman Capital, Inc. is a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR) and is the leading investment banking firm for OTCQX companies. For more information, please go to http://www.merrimanco.com/. Merriman Capital, Inc. is a registered broker-dealer and member of The Financial Industry Regulatory Authority (FINRA) http://www.finra.org/ and the Securities Investor Protection Corporation (SIPC) http://www.sipc.org/contact.cfm.