ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

ENA Enova Systems Inc.

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Enova Systems Inc. AMEX:ENA AMEX Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Enova Confirms DOE Award

13/05/2009 9:05pm

Business Wire


Enova Systems Inc. (AMEX:ENA)
Historical Stock Chart


From Jul 2019 to Jul 2024

Click Here for more Enova Systems Inc. Charts.

Enova Systems, Inc. (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS), a production company in the emerging alternative energy industry and a leading developer of proprietary electric, hybrid and fuel cell digital power management systems, confirmed today that it will be the supplier to Navistar’s IC Bus Division for the U.S. Department of Energy (DOE) Plug-in Hybrid Electric Vehicle (PHEV) Technology Acceleration and Deployment Activity program.

Navistar, with Enova, will develop and deploy 60 plug-in electric hybrid buses to fleets across the nation during the program. Using Enova’s electric drive system, IC Bus is the only bus manufacturer that currently offers a plug-in production hybrid school bus. In the proposed project, Enova will work to further develop the plug-in hybrid bus into a vehicle capable of all-electric drive for extended periods. This proposed vehicle will have engine-off driving capability, saving fuel and reducing emissions while traveling on electricity only.

Mike Staran, Enova’s President and CEO, said, “The DOE award validates Enova’s technology as one that is unique and provides a needed solution. I remain convinced that in spite of the economic downturn, the market remains legitimate and is beginning to show signs of opportunity. We consider our capability to be well focused, yet acknowledge that support from channels close to government funding and other government initiatives are critical to realizing success.”

In addition to the award from the DOE, Enova has announced that it has recently submitted applications totaling over $82 million for the following:

  • Advanced Technology Vehicle Manufacturing (“ATVM”) Loan Program

FEDERAL GOVERNMENT (DEPARTMENT OF ENERGY)

Amount Available: $25 billion

Requested: $13.2 million

  • Transportation Electrification (DE-FOA-0000028)

FEDERAL GOVERNMENT (DEPARTMENT OF ENERGY)

Amount Available: $200 million (Area of Interest 1)

Requesting: $50.3 million

  • Alternative and Renewable Fuel and Vehicle Technology Program (PON-08-010)

STATE GOVERNMENT (CALIFORNIA ENERGY COMISSION)

Amount Available: $176 million

Requesting: $8.5 million

  • Misc:

Various local government opportunities

Requesting: ~$10 million

Enova’s funding applications provide solutions that address the long-term clean transportation needs of our community, while at the same time allowing for the ability to implement a viable transportation alternative immediately. Enova’s ability to retrofit vehicles with its unique, production-proven technology, allows quick results to improve fuel economy and reduce carbon emissions. Enova will soon release a corporate update. This update, along with our forthcoming quarterly report, will detail activities, customer updates, and other significant initiatives for the company.

About Enova:

Enova Systems (http://www.enovasystems.com) is a leading supplier of efficient, environmentally friendly digital power components and systems products. The Company’s core competencies are focused on the development and commercialization of power management and conversion systems for mobile 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. The Company develops, designs and produces non-invasive drive systems and related components for electric, hybrid-electric, and fuel cell powered vehicles in both the “new” and “retrofit” vehicle sales market. For further information, contact Enova Systems directly, or visit its Web site at http://www.enovasystems.com.

Additional Information:

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. 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 Systems’ 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, 2008.

1 Year Enova Systems Inc. Chart

1 Year Enova Systems Inc. Chart

1 Month Enova Systems Inc. Chart

1 Month Enova Systems Inc. Chart

Your Recent History

Delayed Upgrade Clock