Enova Systems Inc Regulatory News (ENVS)

26 Aug 2005 07:00

Enova Systems, Inc.26 August 2005 Enova enters into Development Program with Major N.A Truck Manufacturer TORRANCE, CA, August 26, 2005 - Enova Systems, (OTCBB: ENOV and AIM: ENV andENVS), a leading developer and manufacturer of electric, hybrid and fuel celldigital power management systems, announced today that it has entered into ajoint development program with a major North American Truck Manufacturer. The validation project will feature Enova's post and pre-transmission 120 kWHybrid Drive Systems and has the potential to lead to future production in thesecond half of 2006 and beyond. "Upon successful completion of the initial vehicle, expected to completed inlate 2005, Enova believes annual market demand for these production drivesystems could grow rapidly based on discussions with our customers," notedEnova's CEO, Ed Riddell. "The current conventional market for these types oftrucks, with this manufacturer alone, exceeds 50,000 vehicles per annum." "Our new relationship with this truck manufacturer underscores the potentialfor our hybrid drive system technology as well as the growing demand for thesetypes of systems in the mid-size to heavy truck market" commented Mike Staran,Enova's Director of Marketing. Enova believes that its strengthened balance sheet - a result of its recentUS$18 million capital raising from London's AIM market - together with itsleading-edge technological position and growing global market presence, createsan ideal environment to attract production-oriented, hybrid-electric drivesystem programs of this type. About Enova Systems, Inc. Enova Systems is a leading supplier of efficient, environmentally-friendlydigital power components and systems products. The Company's core competenciesare focused on the development and commercialization of power management andconversion systems for mobile and stationary applications. Enova applies unique'enabling technologies' in the areas of alternative energy propulsion systemsfor light and heavy-duty vehicles as well as power conditioning and managementsystems for distributed generation systems. The Company develops, designs andproduces drive systems and related components for electric, hybrid-electric, andfuel cell powered vehicles. For further information, contact Enova Systemsdirectly, or visit its Web site at http://www.enovasystems.com. 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 31,2004. This forward-looking information should be considered only in connectionwith the aforementioned risk factors. Enova assumes no obligation to update suchforward-looking statements. ENOVA SYSTEMS, Inc.19850 South Magellan DriveTorrance, CA 90502310-527-3847Contact: Larry Lombard, CFO / Investor relations This information is provided by RNS The company news service from the London Stock Exchange