Recently Optare announced that their long term future has been secured due to a refinancing agreement. The deal involved Ashok Leyland increasing its holding in Optare to 75.1% allowing Optare to become fully integrated in Ashok’s ambitious global bus strategy which seeks to maintain and improve on its top fifth place amongst the world’s bus makers. Ashok Leyland is the flagship of the Hinduja Group and a leading Indian commercial vehicle manufacturing company based in Chennai, selling approximately 94,000 vehicles and about 17,000 engines annually and is the second largest commercial vehicle company in India in the medium and heavy commercial vehicle segment, with a market share of about 25.7% in 2010/2011. Ashok is a market leader in the Indian bus market selling over 23,000 buses annually. The sales turnover of Ashok in 2010-11 was US $ 2.5 billion. Ashok has seven plants in India, one in the Czech Republic and one in the Middle East with a current global capacity of over 150,000 buses and trucks. In 2006 Ashok became the first automobile company in India to achieve the internationally renowned TS16949 certification.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 our Web sites at www.enovasystems.com.
Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a leading developer of proprietary hybrid electric and all-electric drive systems and drive system components for the emerging green commercial vehicle market, is pleased to announce that it has delivered 4 incremental 120kW drive systems to Optare Plc for integration into their Solo Electric Bus. Optare has chosen Enova as the production drive system supplier for their all electric buses. Optare designs, manufactures and sells single deck and double deck buses and mini coaches. Its buses operate in the UK, Continental Europe, and North America. Mike Staran, Enova President and CEO said, “Despite the industry downturn, Enova continues to ship product to core and incremental customers. We will continue this path as well as mature other initiatives that are intended to improve distribution channels.” Additionally, and announced on March 23, 2012, commuters and bus passengers across England will see more eco-friendly buses on the roads, congestion reduced and services upgraded, thanks to a new £101 million package of improvements approved by Local Transport Minister Norman Baker. Five bus manufacturers will benefit from orders for their eco-friendly hybrid, electric and gas buses. They comprise: Volvo, Wrightbus, Optare, MAN and Alexander Dennis Limited, all of which are based in, or partly in, the UK. Based on the award-winning Solo low-floor bus, of which over 4,000 are in service worldwide, the Solo EV produces zero tailpipe emissions. The model is based on a standard 27-seat 8.8 meter Solo, but the technology can be used on other models in the Optare range with higher passenger capacities. The Solo EV has been designed to perform exactly like a standard diesel powered bus, except that it is smoother, quieter and cleaner. It is completely traffic compatible, with good acceleration and hill climbing capabilities and a top speed of up to 90 km/hour. On a full charge it has a range of around 110-130 kilometers depending on load factors and topography.