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, medium 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, gas and fuel cell powered vehicles in both the “new” and “retrofit” vehicle sales market. For further information, please 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, 2011 and Form 10-Q for the quarterly period ending March 31, 2012.
Enova (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, announced today it has begun development of its next generation system, code named ACUMEN TM. With the completion of its OMNI TM drive system, the Company is now looking to further optimize its ability to interface with all worldwide EV and HEV systems, including those powered by natural gas. Enova previously announced its new OMNI TM drive system which combines the 170kW OMNI TM Inverter with a new 10kW OMNI TM Charger with an entire range of AC Induction and Permanent Magnet motors. The OMNI TM, now available, is expected to be a leading technology for the industry for years to come. While OMNI TM was developed in house, with the ACUMEN TM system, Enova looks to evaluate and utilize technologies that are emerging worldwide. The Company is actively searching for the latest technologies to maintain OEM proven leadership and offer competitive advantages that make real business sense for vehicle manufacturers and fleet operators alike. The ACUMEN TM components are intended to feature a significantly smaller package, improved efficiencies and reduced weight, while achieving close to double the power density of older generation designs and competitors products. The new ACUMEN TM-Series system will be power-source agnostic, including natural gas, and will offer increased application flexibility and ease of integration. With all digital control and plug-and-play connectivity, Enova intends to design ACUMEN TM to be compatible with all vehicle drive systems and motors so that it can be configured for HEV, PHEV and EV applications. As a result of Enova’s initiative to develop ACUMEN TM using the industry’s most advanced technologies, the Company recently hosted EV France ( www.ubifrance.com), a consortium of top French automotive manufacturers including Renault, Peugeot and Volvo Truck, suppliers, clusters and research laboratories working in the field of hybrid and hybrid electric vehicles, advanced batteries and infrastructure support. Enova met with EV France representatives at its headquarters in Torrance, California to forge research, commercial and partnership opportunities. The group was able to view Enova’s technology as well as participate in an on-site ride and drive of Enova’s range of drive systems, including the new OMNI TM drive system. France has the second largest auto market in the EU with over 2.2 Million cars sold in 2011. More EVs were sold in France in 2011 than in any other country in Europe. Germany has the largest automotive market in Europe and after France, the second largest EV market. Enova has also met with a similar group from Germany and will continue to mature these opportunities in its expansion into the European markets. In the UK, the third largest EU EV market, Enova already supplies both Smith Electric Vehicles as well as Optare, who just announced the launch of the Solo SR EV’s trials in Poundbury. http://www.optare.com/pr_18_05_12.htm It is believed by Enova that recent reluctance in the industry to deploy large volumes of EVs validates the need for groups to compliment each other’s technologies to drive the industry. Mike Staran, Enova’s President and CEO, said, “The industry is at a position where we are trying to get enough critical mass to move forward, yet there remains extreme caution and a lack of urgency in regards to larger volume EV deployments. Enova’s aggressive approach towards forging worldwide partnerships should further strengthen our ability to control distribution channels and move past the caution that currently exists.”