Enova Invited to Participate at Freightliner Sponsored Event
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TORRANCE, CA--January 9, 2012: 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, has been invited to participate at a Freightliner sponsored clean tech conference in Salem, Oregon. The conference, on January 11, will explore the increasing use of alternative fuels in the commercial vehicle market. Sponsored by McCoy Freightliner, the conference will look at electrification, natural gas, propane, biodiesel & infrastructure. Financing, including grants and tax credits, will also be discussed.
“We are pleased that our collaboration with FCCC is maturing at a rapid pace and look forward to the industry's continued interest in Green for Free.”
On display will be a vehicle that is the result of Enova and Freightliner Custom Chassis Corp's (FCCC) recently announced "Green for Free" initiative (www.greenforfree.com). This is the 1st of many scheduled events, which includes the Portland International Auto Show on January 26-29th that FCCC and Enova have scheduled to showcase this initiative.
Mike Staran, Enova President and CEO, said, "We are pleased that our collaboration with FCCC is maturing at a rapid pace and look forward to the industry's continued interest in Green for Free."
The Green for Free program allows fleet executives over the life of a vehicle a cost model for an all-electric vehicle to be the same, or better than, a diesel-powered commercial vehicle. The savings fleets incur from the reduced maintenance and fuel savings of the electric vehicles (EVs) is used over a period of time to cover the incremental expense for the technology. 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.
The Green for Free program will utilize the FCCC All-Electric Walk-in Van (WIV) chassis powered by the new state of the art Enova Omni 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 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 have defined the Green for Free program as a new sustainable transportation model in which both companies are working in partnership with commercial fleets to offer a transportation model that provides clean, safe domestic and renewable energy.
About Enova:
Enova Systems 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 Enova Systems.
