Enova Systems, Inc. (NYSE AMEX: ENA)
(AIM: ENV) (AIM: ENVS), a leading developer of
proprietary hybrid electric and all-electric drive systems and
drive system components for the emerging green commercial vehicle
market, announces its financial results for Q1 2011. Along with
aggressive pursuit of North American opportunities, the company
highlights expanding their market via China Southern Rail
Corporation Limited (CSR), and a major United Kingdom (UK) based
OEM.
GROWTH HIGHLIGHTS:
- $2.9M in revenue for Q1 2011, an
increase of 217% over the same period in 2010
- 164% increase in gross income for Q1
2011 over the same period in 2010
- 7th consecutive quarter with positive
gross margins
Enova President and CEO Mike Staran stated, “Our 1st quarter
revenues showed solid volume and our 7th consecutive quarter with
positive margins. In conjunction with our aggressive efforts in
North America, our new incremental relationships formed in China
and Europe allows us dramatically improved opportunity.” Staran
added, “On the heels of another positive quarter, we anticipate
that our current cash balance and projected cash inflow from
customer receivables will be adequate to meet our working capital
and capital expenditure needs for at least the next 12 months.”
CUSTOMER HIGHLIGHTS:
Confirming Q1 2011 performance, Enova shipped the following:
- Charge-depleting plug-in hybrid school
bus systems delivered to Navistar
- Full EV drive systems and other system
components delivered to Smith US (SEV) and Smith Europe
- Pre-transmission sets delivered to
First Auto Works (FAW)
- Post Transmission sets delivered to
First Auto Works (FAW)
- Full EV drive systems and other system
components delivered to Freightliner Custom Chassis (FCCC)
Enova Chief Financial Officer John Micek said, “With consistent,
positive margin quarters and recurring core customer revenue, our
management team has started entertaining preparations for
conference calls to discuss financial results.”
Additional incremental customer highlights include:
FIRST AUTO WORKS (FAW) has expanded their market
opportunity by joint development, with Enova, of a post
transmission system option. Additionally, FAW recently won China’s
prestigious BAAV Best HEV Bus award for 2010.
SMITH ELECTRIC VEHICLES (SEV) and Enova have begun
shipment of its 90kW all-electric drive system for integration into
the Smith Edison Vehicle, currently manufactured in the UK.
CHINA SOUTHERN RAIL CORPORATION LIMITED（CSR) has recently
purchased two (2) all-electric drive systems for integration into
commercial bus applications. CSR is approved by the State-owned
Assets Supervision and Administration Commission of the State
Council, was co-founded by China South Locomotive and Rolling Stock
Industry Group Corporation and Beijing Railway Industry Economic
and Trade Company with a total equity capital of $7 billion USD.
The company was established in December 2007 with sixteen (16)
fully funded holding companies and over 80,000 employees
distributed in 10 provinces and cities around the country.
A MAJOR UK BASED OEM has recently awarded Enova a
contract as the production drive system supplier for their all
electric buses. The yet to be announced OEM designs, manufactures
and sells single deck and double deck buses and mini coaches. Its
buses operate in the UK, Continental Europe, and North America.
US AIR FORCE and the Warner Robins Air Logistics Center
Vehicle Directorate hosted the 2011 Vehicle Transportation
Acquisition Council (VTAC) Conference at Robins AFB, Georgia from
April 6 – 7, 2011. Attendees from all the Air Force Major Command
Headquarters Transportation / Vehicle Maintenance staff along with
representatives from the Vehicle Directorate at Robins AFB and from
Air Force Bases across the country were in attendance. Enova was
one of only two suppliers invited to present at the morning
briefing. This briefing was key to showcasing the benefits of a
non-invasive, retrofit solution to the USAF’s existing Flightline
van fleet. Enova highlighted the retrofit, in a post-transmission
parallel hybrid configuration, to key personnel like Colonel
Michael Holl, Director Support Equipment and Vehicles Division,
Robins Air Force Base, GA.
US GOVERNMENT and Enova have had recent comprehensive
discussions regarding government interest in deployment of
alternate fuel vehicles. Enova has met with executive levels at the
Pentagon to further penetrate the available volume of government
sourced vehicles.
TECHNOLOGY HIGHLIGHTS:
OMNI INVERTER. Power-source and motor design agnostic,
Enova’s Omni-series inverter/vehicle controller offers increased
flexibility and ease-of-integration. With plug-and-play
connectivity, it is compatible with a wide range of vehicle drive
systems and motors, and can be configured for HEV, PHEV and EV
applications. The inverter is fully production validated and Enova
is currently coordinating introduction of the Omni inverter with
various customers.
OMNI CHARGER. Enova is finalizing design and validation
test plans for the new Omni-series 10kW on-board battery charger
for plug-in hybrid-electric and all-electric vehicles. CAN control
based, the new Omni charger offers increased flexibility,
ease-of-integration and compatibility with a wide range of vehicle
platforms. Enova is coordinating the introduction of the new
charger with various customers. Production availability is planned
for later in 2011.
OMNI DC/DC CONVERTER. Design has begun on a stand-alone
Omni-series DC/DC converter operating at the higher power levels
required for large electric vehicles. The new converter will be
available in 12V or 24V output configurations. Validation testing
is planned to begin summer 2011 with introduction discussions
already underway with various customers.
Enova Chief Operating Officer John Mullins added, “The next
generation Omni series will be compatible with a wide range of HEV,
PEV, and EV applications. We are excited to bring reduced cost,
more power and value to our customers as we move into economies of
scale.”
OTHER ENOVA ACTIVITIES:
Enova recently spoke (or will speak) at:
- US Army’s Tank Automotive and Armaments
Command (TACOM) on April 19th
- Electric Drive and Transportation
Association (EDTA) conference on April 20-21st
- US Pentagon on April 21st
- Lazard Capital Market’s 3rd Annual
Alternative Energy Investor Summit in New York on June 1-2. The
Summit will provide extensive opportunity for analysts and
investors to meet with Enova on a “one on one” basis.
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.
ENOVA SYSTEMS, Inc.1560 West 190th StreetTorrance, CA 90501
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, 2010.
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