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 revenues and gross margin growth for Q4 2010 and for
the 2010 year. Additionally the company highlights a production intent
battery supply from Compact Power Inc., a subsidiary of LG Chem.
$3.7M in revenue for Q4 2010, up more than 151% over the same period
20.4% gross margin for Q4 2010 with gross profit up 327% over the same
period in 2009 result as one of the best quarters on record for Enova
Annual revenue growth from $5.6M in 2009 to $8.6M in 2010, a 52%
Overall annual gross margin increase from 10.8% in 2009 to 16.5% in
Moved from an overall gross margin loss of 74.1% in 2006 to 16.5%
positive gross margin in 2010
Enova President and CEO Mike Staran stated, "2010 resulted in quarter
after quarter positive gross margin growth, responsible cash management
and core customer growth. Exciting partnerships with companies like LG
Chemical further confirm our technology and allow us to penetrate
incremental opportunities within the expanding market."
Bolstering Q4 2010 performance, Enova shipped the following to meet
Charge-depleting plug-in hybrid school bus systems delivered to
Full EV drive systems and other system components delivered to Smith
Pre-transmission sets delivered to First Auto Works (FAW)
Full EV drive systems and other system components delivered to
Freightliner Custom Chassis (FCCC)
Expecting to further drive revenues, Enova will continue to ship systems
to fill incremental Navistar, SEV, FAW, and FCCC orders. Additional
customer highlights include:
FIRST AUTO WORKS (FAW) collaborated with Enova to develop a
biaxial parallel hybrid power platform capable of idling
starting/stopping, low-speed electric drive, separate drive, combined
drive and regenerative braking. This platform will be used to power
FAW's 11-meter and 12-meter hybrid power buses operating in Changchun,
Dalian and Kunming, China.
SMITH ELECTRIC VEHICLES (SEV) and Enova continue to penetrate
the US market. SEV supplies vehicles for Frito Lay, Staples, Coke,
PG&E and AT&T. SEV has been awarded $32 million by the U.S. Department
of Energy to develop and produce all-electric parcel delivery.
NAVISTAR and Enova continue to lead the hybrid school bus
market. Despite a sluggish economy and delayed volume growth, Navistar
is growing its market share. Demand for non-plug-in hybrid school
buses is expected to increase with the emergence of capable
charge-sustaining batteries. This new battery technology also
positions Enova to aggressively pursue the retro-fit market.
FREIGHTLINER CUSTOM CHASSIS CORPORATION (FCCC), a key Enova
customer, maintains an 80% market share in the pickup and delivery
sector, making them the segment leader. This sector includes UPS,
Federal Express and other national fleet operators. FCCC's electric
vehicles employ Enova's MT-EV chassis, with a durable frame and a GVWR
of 14,000 to 19,500 lbs. capable of handling heavy payloads. FCCC is
in the final phase of delivering initial vehicles to top fleet
GENERAL SERVICES ADMINISTRATION (GSA) recently extended a key
Enova contract for another year to supply all-electric step vans to
the Federal government. Smith Electric Vehicles' Newton, and
all-electric medium and heavy duty truck, presents an additional
opportunity to penetrate the GSA fleet market. Another major Enova
customer, Navistar continues its exclusive GSA contract to supply
hybrid school buses.
US AIR FORCE & HAWAII CENTER FOR ADVANCED TRANSPORTATION
TECHNOLOGIES (HCATT) has awarded Enova a contract to integrate a
hydrogen fuel cell powered electric runway sweeper for use at the
joint Pearl Harbor-Hickam Air Force base in Honolulu. A portion of the
project was completed in Q4 2010 and the remainder of this $1M+
contract is expected to be completed in 2011. Enova is conducting
other high level government briefings on the benefits and value of its
engineering and product capabilities.
OMNI INVERTER: Power-source agnostic, Enova's new Omni-series
inverter 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.
OMNI CHARGER: Enova launched plans to develop and validate its
next-generation of power electronics with the new Omni-series 10kVA
power on-board charger for hybrid-electric and all-electric vehicles.
The new Omni-series charger also offers increased flexibility,
ease-of-integration and compatibility with a wide range of vehicle
LGCPI Battery Supply: Enova Systems announces a partnership
with LGCPI, the North American subsidiary of LG Chem Ltd. LGCPI
intends to produce and supply power-oriented battery packs on Enova's
charge-sustaining post-transmission hybrid systems. LG Chem clients
include General Motors Co., Volvo AB, Ford Motor Co., Renault, Eaton,
Navistar and China's Chongqing Changan Automobile Co. The company's EV
battery business is expected to generate $901 million in sales by
2013. Combined with Enova's new Omni inverter, the LGCPI packs will
provide Enova's customers with the most advanced and robust medium
duty truck and bus hybrid systems available. The combined technologies
will also offer strong value and performance to the end user.
BATTERIES: Enova continues to mature its long-standing
relationship with Valence on energy-oriented battery packs, as well as
evaluate technologies offered by A123, Samsung/Bosch and Dow Kokam.
REMY: Enova and Remy have executed a letter of intent to
develop a new electric drive system based on Enova's next generation
Omni controller and Remy HVH250 motor. Remy is North America's largest
independent manufacturer of advanced electric propulsion motors.
Remy's patented design and assembly technology have been in production
since 2006 and are currently powering vehicles around the world.
OTHER INDUSTRY ACTIVITIES:
Overall, the hybrid electric and all-electric commercial vehicle
industry has experienced an active growth in demand and activity. Record
Q4 results demonstrate that Enova benefits directly from this positive
Smith US raises $58M in March 2011 for the production of EV fleets
Remy recently filed for an IPO in March 2011 for up to $100 million
Enova maintains a visible presence in the forefront of a growing
industry with ongoing appearances and speaking engagements by company
executives at leading industry events such as the NTEA Work Truck show,
the upcoming EDTA conference on April 19-21 and key US
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 Street
Torrance, CA 90501
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.
Enova Systems, Inc.
John Micek, CFO/Investor Relations