Enova Systems, (AMEX: ENA) (AIM: ENV) (AIM: ENVS), an early stage production company in an emerging industry and a leading developer of proprietary electric, hybrid and fuel cell digital power management systems, is pleased to announce that it has received a Production Contract to provide a minimum of 1,000 Power Control Units (PCU’s) to Think Global in 2008, for use in their electric vehicle passenger car, the Think City. Future production ambitions for the Think City are expected at a minimum of 10,000 units in 2009.
Mike Staran, Enova’s President and CEO said, “Enova is privileged to be working with a visionary company like Think Global. We are pleased to be awarded this high volume Production Contract from them. Our belief is that the Think City vehicle will revolutionize the passenger electric vehicle market in Europe, and ultimately North America.”
Enova’s PCU is a critical component of the vehicle’s power system, converting and regulating high voltage power to lower voltages where and as required. Enova's module transfers power throughout the drive system and assists in energy recovery during regenerative braking, extending the overall range of the vehicle. The source of propulsion power is therefore transparent to the driver, allowing him to concentrate on normal vehicle operation.
Think Global and its subsidiary Think Technology in Oslo, Norway, is a world leading competence centre for design, development, assembly and licensing of modular environmental friendly vehicles and technology. The second generation TH!NK City vehicle is a completely new experience that combines award-winning design with comfort and convenience features that make it a pleasure to drive.
The new investor group behind the Think City has access to advanced battery technologies which will be further developed and utilised to improve the vehicle, with particular emphasis on performance and driving range. The driving range is expected to be 180km, a top speed of 100 kph and a 0-50 kph acceleration of seven (7) seconds.
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, 2006.