30th Oct 2006 07:01
Enova Systems, Inc.30 October 2006 Enova to Provide IC Corporation Hybrid Drive Systems for New Line of CommercialBuses TORRANCE, CA, October 30, 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 with IC Corporation toprovide hybrid systems for their new line of hybrid commercial buses. Theinnovative new buses were introduced last week in Chicago at BusCon, America'slargest commercial bus conference. The Hybrid option on the buses will becompleted with Enova's Post Transmission Parallel Hybrid Drive System. The PostTransmission System is available with either a Charge Depleting or ChargeSustaining Battery Technology. The technologies are expected to improve fueleconomy/miles per gallon up to 100%. The Post Transmission System is one in which the Electric Drive System isintegrated behind the Transmission and is designed to be installed as a "dropin," fully integrated turnkey fashion into an OEM production line, orretrofitted in post vehicle production in a modular, "as-needed" basis. Enova'sPost Transmission System has proven, in other applications, to be a non-invasivesystem that has required little to no modification to chassis, body, instrumentpanel, etc. In addition, the system does not intrude on, nor require anyalteration to the Engine Control/Communication system, thus avoiding anyemissions certification issues. The system monitors, but does not impactanything that within the existing engine. "Our unique Post Transmission System offers customers a non-invasive solution toenter the Hybrid Vehicle Market in either the retrofit or new vehicle segment.Being the only supplier of this technology offers us and our customers atremendous competitive advantage" stated Mike Staran, Enova's Vice President ofMarketing. The bus market in which IC Corporation plans to compete is approximately 18,000units annually. The market can be broken into 2 primary segments - public andprivate. There is an estimated 60/40 split in favor of the public buyers. It isnow estimated that 30% of the buses purchased for public transit are some formof hybrid/alternate fuel vehicles and analysts project this number to growsignificantly over the next 5 years. This is the third major hybrid bus announcement from IC Corporation and Enovathis year. In July, the company unveiled the nation's first hybrid school bus ata school bus industry show in New York. In August, IC Corporation was awarded acompetitive bid to provide 19 hybrid school buses to 11 states. All of ICCorporation's hybrid buses integrate Enova's non-invasive Hybrid System and haveshown significant improvements in performance, fuel economy and emissionsreductions. "Hybrid buses provide distinct advantages. Reduced fuel consumption and loweredemissions, makes for an environmentally friendly solution. Perhaps even moreimportant, the significant increase in fuel efficiency can dramatically improvethe profitability of many businesses" says Ed Riddell, President and CEO ofEnova. About IC Corporation IC Corporation, the nation's largest integrated school bus and commercial busmanufacturer, is an affiliate of International Truck and Engine Corporation.International produces school bus chassis, mid-range diesel engines, mediumtrucks, heavy trucks, severe service vehicles, and is a provider of parts andservice sold under the International brand. Both IC and International areaffiliates of Navistar International Corporation (NYSE: NAV). Additionalinformation is available site at: www.ic-corp.com. 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 ExchangeRelated Shares:
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