7th Nov 2006 07:00
Enova Systems (AMEX:ENA) (AIM:ENV) (AIM:ENVS), an early stageproduction company in an emerging industry and a leading developer ofproprietary 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 ThinkGroup to provide Power Control Units (PCU) for the redesigned Th!nkElectric Vehicles. Enova's PCU is a critical component of thevehicle's power system, converting and regulating high voltage powerto lower voltages where and as required. Enova's module transferspower throughout the drive system and the battery, and assists inenergy recovery during regenerative braking. The source of propulsionpower is therefore transparent to the driver, allowing him toconcentrate on normal vehicle operation. £ The aim is to prepare for the production and introduction of thenew TH!NK City model which Ford Motor Company and Think developedwhile Ford Motor Company owned Think. £ Think Global and its subsidiary Think Technology in Oslo, Norway,is a world leading competence centre for design, development, assemblyand licensing of modular environmental friendly vehicles andtechnology. The second generation TH!NK City vehicle is a completelynew experience that combines award-winning design with comfort andconvenience features that make it a pleasure to drive. £ The vehicle is a unique product that was never fully produced byunder Ford into a production market. A primary reason that Fordwithdrew from producing the vehicles was that the battery technologyhad not evolved enough such that the range of the vehicle wascompromised. The new investor group has access to new and advancedtechnology which will be further developed and utilized to improve thevehicle, with particular emphasis on performance and driving range.The driving range is expected to be 180km, with a top speed of 100 -110kph and a 0-50kph acceleration of seven (7) seconds. £ Mike Staran, Enova's Vice President of Sales and Marketing, said:"Enova is very pleased that the Th!nk vehicle now has the technologyto make it a viable production vehicle. We believe our technology willhelp support the vehicle's rapid acceptance throughout the world." £ The interest for environment friendly transport and products isgrowing strongly in particular for use in cities and urban areas, notleast due to high energy prices and a growing concern about the effectof conventional transport on the environment. Think has products thataddress these issues and will serve this growing international market."Think is ready today and will succeed because we can draw on manyyears' practical experience with earlier models, and in thepartnership with Ford, who invested its professional, manufacturingand quality competence in the car," stated Mr. Erik Skaarnes ofThink's business group. £ About InSpire Group: £ InSpire recently invested in the Norwegian electric carmanufacturer Think. Think produced one of the largest fleets ofelectric vehicles in the world with the TH!NK city, launched in 1999.A new model is now under development and will be launched in Norway in2007 and selected international markets in 2008. £ Think's mission is to create the most environmentally friendlyvehicles in the world in a commercially successful way. InSpire willhelp them achieve this goal by developing a radically modern businessmodel for producing, sourcing, marketing servicing and financing a carthat meets the demands of a 21st century business. More informationabout Think can be found on www.think.no. £ About Enova: £ Enova Systems (http://www.enovasystems.com) is a leading supplierof efficient, environmentally friendly digital power components andsystems products. The Company's core competencies are focused on thedevelopment and commercialization of power management and conversionsystems for mobile applications. Enova applies unique 'enablingtechnologies' in the areas of alternative energy propulsion systemsfor light and heavy-duty vehicles as well as power conditioning andmanagement systems for distributed generation systems. The Companydevelops, designs and produces non-invasive drive systems and relatedcomponents for electric, hybrid-electric, and fuel cell poweredvehicles in both the "new" and "retrofit" vehicle sales market. Forfurther information, contact Enova Systems directly, or visit its Website at http://www.enovasystems.com. £ Additional Information: £ This news release contains forward-looking statements relating toEnova Systems and its products that are intended to be covered by thesafe harbor for forward-looking statements provided by the PrivateSecurities Litigation Reform Act of 1995. Forward-looking statementsare statements that are not historical facts. These statements can beidentified 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 orcomparable terminology and statements about industry trends andEnova's future performance, operations and products. Theseforward-looking statements are subject to and qualified by certainrisks and uncertainties. These and other risks and uncertainties aredetailed from time to time in Enova Systems' periodic filings with theSecurities and Exchange Commission, including but not limited toEnova's annual report on Form 10-K for the year ended December 31,2005. Copyright Business Wire 2006Related Shares:
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