Freightliner Custom Chassis Corporation and Enova Systems Inc. Partner to Unveil Green for Free Program
November 16 2011 - 8:00AM
Business Wire
Freightliner Custom Chassis Corporation (FCCC) and 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, today launched a program to make
electric vehicles more accessible to fleets.
The Green for Free program allows fleet executives to purchase
all-electric vehicles for the cost of a diesel-powered commercial
vehicle. The savings fleets incur from the reduced maintenance and
fuel savings of the electric vehicles (EVs) is then used over a
period of time to cover the incremental expense for the
technology.
The Green for Free program will utilize the FCCC All-Electric
Walk-in Van (WIV) chassis powered by the Enova drive system. Fleets
with set routes in pickup and delivery applications are ideal for
the Green for Free program because they have predictable drive
routes and return each night to the company depot. FCCC is already
well-established in the market and can provide immediate volume,
which is required to reduce high-cost components, such as
batteries. Additionally, the project looks to focus on disciplined
duty cycles, utilizing 80 percent of the battery daily, versus
design for extended range.
“FCCC and Enova recognize that the Green For Free program is
necessary in order to make all-electric vehicles more affordable,
and therefore more accessible, to fleets,” said Bob Harbin, FCCC
president. “We want to help those fleets interested in reducing
their energy consumption and environmental impact by enabling them
to purchase more alternative-fuel vehicles at one time because of
the reduced upfront costs.”
The commercial vehicle market has relied on government funding
for alternative-fuel vehicles with some success. However, this is
the first program that will eliminate the overall incremental costs
associated with buying and operating an all-electric vehicle,
making the program attractive to fleets that are both large and
small.
FCCC and Enova plan to deploy a total of 3,000 alternative-fuel
vehicles within a two-year time frame beginning no later than the
third quarter 2012 as a result of the Green for Free program.
Enova and FCCC developed an integration method for both new and
retrofit applications. FCCC’s all-electric chassis is built upon
the FCCC MT-45 chassis – known for its durability and GVWR of
14,000 to 19,500 lbs. – which is capable of handling heavy
payloads. FCCC maintains a dominant market share in the WIV chassis
market, which it expects to continue to expand.
“This business model has the potential to stimulate tremendous
and rapid growth, helping achieve economies of scale through cost
reduction, resulting in an excellent value proposition for the
commercial fleet operator,” said Mike Staran, Enova President and
CEO. “Enova has been delivering proven electric drive systems to a
diverse set of domestic and international customers and has the
distinction of seeing more of its green drive systems on the road
than any of its competitors. The company continues to build on more
than 20 years of innovation and traces its roots back to General
Motors’ EV1 electric car.”
FCCC was the first chassis manufacturer to bring the
hybrid-electric vehicle and all-electric vehicle to market.
About Freightliner Custom Chassis Corporation:
Freightliner Custom Chassis Corporation manufactures premium
chassis for the motorhome, delivery walk-in van, and school bus and
shuttle bus markets. Freightliner Custom Chassis Corporation is a
subsidiary of Daimler Trucks North America LLC, a Daimler
company.
On the Internet:
Visit the Freightliner Custom Chassis Corporation website at
www.freightlinerchassis.com for additional FCCC news and product
information.
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 90501Tel:
310-527-2800Contact: John Micek, CFO/Investor Relations
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 and most recent Form 10-Q for the
fiscal quarter ended September 30, 2011.
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