Enova Systems Inc Regulatory News (ENVS)

7 Nov 2006 07:02

Enova Systems, Inc.07 November 2006 Enova to Provide Power Control Units for Th!nk Electric Vehicles TORRANCE, CA, November 7, 2006 - Enova Systems, (AMEX: ENA and AIM: ENV andENVS), an early stage production company in an emerging industry and a leadingdeveloper of proprietary electric, hybrid and fuel cell digital power managementsystems, is pleased to announce that it has partnered withNorwegian-based Inspire group and its newly acquired investment Think Group toprovide Power Control Units (PCU) for the redesigned Th!nk Electric Vehicles.Enova's PCU is a critical component of the vehicle's power system, convertingand regulating high voltage power to lower voltages where and as required.Enova's module transfers power throughout the drive system and the battery, andassists in energy recovery during regenerative braking. The source of propulsionpower is therefore transparent to the driver, allowing him to concentrate onnormal vehicle operation. The aim is to prepare for the production and introduction of the new TH!NK Citymodel which Ford Motor Company and Think developed while Ford Motor Companyowned Think. Think Global and its subsidiary Think Technology in Oslo Norway, is a worldleading competence centre for design, development, assembly and licensing ofmodular environmental friendly vehicles and technology. The second generationTH!NK City vehicle is a completely new experience that combines award-winningdesign with comfort and convenience features that make it a pleasure to drive. The vehicle is a unique product that was never fully produced by under Ford intoa production market. A primary reason that Ford withdrew from producing thevehicles was that the battery technology had not evolved enough such that therange of the vehicle was compromised. The new investor group has access to newand advanced technology which will be further developed and utilised to improvethe vehicle, with particular emphasis on performance and driving range. Thedriving range is expected to be 180km, with a top speed of 100 - 110kph and a0-50kph acceleration of seven (7) seconds. Mike Staran, Enova's Vice President of Sales and Marketing said "Enova is verypleased that the Th!nk vehicle now has the technology to make it a viableproduction vehicle. We believe our technology will help support the vehicle'srapid acceptance throughout the world." The interest for environment friendly transport and products is growing stronglyin particular for use in cities and urban areas, not least due to high energyprices and a growing concern of the effect of conventional transport on theenvironment. Think has products that address these issues and will serve thisgrowing international market. "Think is ready today and will succeed because wecan draw on many years practical experience with earlier models, and in thepartnership with Ford, who invested its professional, manufacturing and qualitycompetence in the car" stated Mr . Erik Skaarnes of Think's business group. About Inspire Group: InSpire recently invested in the Norwegian electric car manufacturer Think.Think produced one of the largest fleets of electric vehicles in the world withthe TH!NK city, launched in 1999. A new model is now under development and willbe launched in Norway in 2007 and selected international markets in 2008. Think's mission is to create the most environmentally friendly vehicles in theworld in a commercially successful way. InSpire will help them achieve this goalby developing a radically modern business model for producing, sourcing,marketing servicing and financing a car that meets the demands of a 21st centurybusiness. More information about Think can be found on www.think.no. About Enova: Enova Systems (http://www.enovasystems.com) is a leading supplier of efficient,environmentally friendly digital power components and systems products. TheCompany's core competencies are focused on the development and commercializationof power management and conversion systems for mobile applications. Enovaapplies unique 'enabling technologies' in the areas of alternative energypropulsion systems for light and heavy-duty vehicles as well as powerconditioning and management systems for distributed generation systems. TheCompany develops, designs and produces non-invasive drive systems and relatedcomponents for electric, hybrid-electric, and fuel cell powered vehicles in boththe "new" and "retrofit" vehicle sales market. For further information, contactEnova Systems directly, or visit its Web site at http://www.enovasystems.com. ENOVA SYSTEMS, Inc.19850 South Magellan DriveTorrance, CA 90502310-527-2800Contact: Mike Staran, VP of Marketing/Investor Relations Additional Information: This news release contains forward-looking statements relating to Enova Systemsand its products that are intended to be covered by the safe harbor forforward-looking statements provided by the Private Securities Litigation ReformAct of 1995. Forward-looking statements are statements that are not historicalfacts. These statements can be identified by the use of forward-lookingterminology such as "believe," "expect," "may," "will," "should,'' "could,""project," "plan,'' "seek," "intend,'' or "anticipate'' or the negative thereofor comparable terminology and statements about industry trends and Enova'sfuture performance, operations and products. These forward-looking statementsare subject to and qualified by certain risks and uncertainties. These and otherrisks and uncertainties are detailed from time to time in Enova Systems'periodic filings with the Securities and Exchange Commission, including but notlimited to Enova's annual report on Form 10-K for the year ended December 31,2005. This information is provided by RNS The company news service from the London Stock Exchange