Freightliner & Enova Unveil Green for Free Program (1701S)
November 16 2011 - 8:00AM
UK Regulatory
TIDMENV TIDMENVS
RNS Number : 1701S
Enova Systems, Inc.
16 November 2011
Freightliner Custom Chassis Corporation and Enova Systems Inc.
Partner to Unveil Green for Free Program
Torrance, CA - Nov. 16, 2011 - Freightliner Custom Chassis
Corporation (FCCC) and Enova Systems Inc. (NYSE AMEX: ENA and AIM:
ENV and 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 Corporationmanufactures 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.
For further information:
Enova Systems, Inc +1 310 527 2800
Mike Staran, President and Chief Executive Officer
John Micek, Chief Financial Officer
Daniel Stewart +44 (0)20 7776 6550
Oliver Rigby
Threadneedle Communications +44 (0)20 7653 9850
Josh Royston
Graham Herring
Hilary Millar
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.
ENOVA SYSTEMS, Inc. 1560 West 190th Street Torrance, CA 90501
Tel: 310-527-2800
This information is provided by RNS
The company news service from the London Stock Exchange
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