Enova Systems (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS) today announced it ranked 220 on Deloitte’s Technology Fast 500™, ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. The rankings are based on percentage of fiscal year revenue growth during the period 2006 to 2010. Enova Systems’ Chief Executive Officer, Mike Staran, credits “traction of our products with key customers, combined with U.S. government programs incentivizing purchases of all-electric and hybrid technologies in our market segment”. He added, “We are honored by our ranking in the Technology Fast 500™ and thank our customers for their ongoing support.” “Enova Systems, like all 2011 Technology Fast 500™ companies, have excelled in fostering innovation and channeling it into spectacular growth -- against the backdrop of one of the most challenging economies in history,” said Eric Openshaw, Vice Chairman and U.S. Technology, Media and Telecommunications Leader, Deloitte LLP. "Deloitte recognizes Enova Systems for its remarkable accomplishment.” “We are pleased to honor Enova Systems as a 2011 Technology Fast 500 company,” said Mark Jensen, managing partner, technology and venture capital services, Deloitte & Touche LLP. “As one of the fastest growing tech companies in North America, Enova Systems has demonstrated excellence in technological innovation, entrepreneurship and rapid growth.” About Deloitte’s 2011 Technology Fast 500™ Technology Fast 500, which was conducted by Deloitte & Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2006 to 2010. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
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, 2010 and most recent Form 10-Q for the fiscal quarter ended June 30, 2011.
|ENOVA SYSTEMS, Inc.|
|1560 West 190th Street|
|Torrance, CA 90501|