Jagen and Rawlinson Increase Share Holdings in Enova Systems

    TORRANCE, Calif.--Aug. 1, 2001--Enova Systems Inc., Torrance (OTCBB:ENVA), reported that Jagen Pty. Ltd. (a privately held Australia-based investment firm owned by the Boris Liberman family) and Anthony N. Rawlinson, chairman of Enova Systems, have exercised warrants resulting in proceeds to the company of $2.5 million and $500,000, thereby increasing their stake in Enova.
    The warrants were granted to Jagen and Rawlinson in conjunction with their original investment in June 1999 of $3.0 million.
    Rawlinson said: "I believe Enova's ongoing accomplishments and future promise are borne out by the increased stake of the forward- looking, highly respected Liberman family. This is more good news for Enova in a very positive year. Enova has made major strides in new technology developments and implementation over the last two years which have more than exceeded the expectations of both Mr. Boris Liberman and myself."
    Carl Dean Perry, Enova's president and chief executive officer, added: "Jagen's increased investment confirms their continuing confidence in Enova's strategic plan. Enova is proud to be among the enterprises earning the support of the Liberman family."
    Enova Systems, with headquarters in Torrance and offices in Hawaii and South Korea, is a leading designer, developer and manufacturer of electric, hybrid-electric and fuel cell propulsion systems and components for the global vehicle market.
    The company's technology and products in power conversion, energy management and system integration enable Enova Systems to integrate a wide range of power sources, including advanced batteries, fuel cells and turbine generators, in mobile and stationary power applications.
    The company's product lines include the Panther(TM) propulsion systems ranging from 10kW to 120kW, accessory power supplies for electric power steering and air conditioning, DC-DC supplies for low-voltage accessories, and battery management products.
    Enova's propulsion systems and components are used in OEM vehicles from Hyundai Motor Co. and are supplied to Ecostar for use in the Ford Th!nk city vehicle. Enova also develops and manufactures propulsion systems for medium- and transit-size buses and airport trams.

    This news release contains forward-looking statements relating to Enova Systems and its products. These forward-looking statements are subject to and qualified by certain risks and uncertainties. Such statements do not imply the future success of the company or its products. These risks and uncertainties are detailed from time to time in Enova Systems' filings with the Securities and Exchange Commission under the name Enova Systems Inc.