Sign In
15 Jul 2008 07:00
Enova Systems Comments on Tanfield Group PLC
TORRANCE, CA, July 15, 2008 - Enova Systems, (AMEX: ENA and AIM: ENV and ENVS), a production company in an emerging industry and a leading developer of proprietary electric, hybrid and fuel cell digital power management systems, has announced that it has fulfilled, on time, all quantities of previously scheduled orders for drive systems delivered to The Tanfield Group PLC for their Smith Electric Vehicles division.
Enova supplies 100% of drive systems used in Smith Electric's Newton and Edison models. Enova does not supply battery container systems or any components impacting the supply chain issue referenced in Tanfield's interim results update released on July 1, 2008.
Among the items highlighted in its interim results update, Tanfield announced that although demand for electric vehicles has held up, it now expects lower forecast sales of electric vehicles. To date, Enova has delivered 450 drive systems to Tanfield, consisting of 306 units in 2007 and 144 units in 2008. Enova previously expected to supply Tanfield with in excess of 1,000 units in 2008 and as many as 3,000 in 2009. Due to Tanfield's realigned growth strategy, Enova now expects significantly fewer orders of drive systems from Tanfield in 2008 and 2009.
The Enova drive system design is suitable for different applications and vehicle producers. As a result, Enova believes it can mitigate any decline in Tanfield orders by redirecting inventory through sales and production with other customers. Enova customers also include FAW, IC Bus, Isuzu, Wrightbus, and Darwen.
"The market for electric vehicles is expansive," said Michael Staran, President and CEO. "Enova will continue to execute on its goal of becoming the premier clean vehicle solution in the medium and heavy truck and bus market."
About Enova Systems, Inc.
Enova Systems is a leading supplier of efficient, environmentally friendly digital power components and systems products. Its core competencies are focused on the development and commercialization of power management and conversion systems for mobile and stationary 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. Enova develops, designs and produces drive systems and related components for electric, hybrid-electric, and fuel cell powered vehicles. For further information, contact Enova Systems directly, or visit its website at http://www.enovasystems.com.
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, including but not limited to product supply expectations, reliance on a limited number of existing customers, and the ability to redirect inventory to other customers in a timely manner. 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's 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, 2007. This forward-looking information should be considered only in connection with the aforementioned risk factors. Enova assumes no obligation to update such forward-looking statements.
For further information contact:
ENOVA SYSTEMS, Inc.
1560 West 190th Street
Torrance, CA 90501
T. + 310-527-2800
Jarett Fenton, CFO and Investor Relations
T. 07956-206270
Amira Bardichev, UK Investor Relations
Investec as Nominated Advisor to the Company
T. 020 7597 5970
Michael Ansell / Paul Brett
Follow the stocks
