Enova Systems Supports Bush Administration's New Direction on Fuel Cell Powered Autos
TORRANCE, Calif.--Jan. 14, 2002--Enova Systems (OTCBB:ENVA) added its support to the Bush Administration's major announcement of increased development spending for fuel cell powered automotive applications, to be known as the "Freedom Car" initiative.
Enova applauds the administration's strategy to shift the federal government's longstanding focus on internal combustion engines, instead moving directly to the dramatically increased efficiencies achievable through alternative fuel solutions for the nation's energy needs.
"The Bush Administration's announcement of increased development and production of fuel cell based systems affirms Enova's strategy of aggressive expansion into the fuel cell applications market. This is a natural outcome of President Bush's personal interest and commitment to alternative fuel technologies, which I was privileged to see first-hand when he examined Enova products and other new energy technologies at the Department of Energy several months ago," said Carl Dean Perry, Enova President and CEO.
Perry continued, "Just as President Bush has made history in outfitting his Crawford, Texas ranch with up-to-date energy-efficient technologies, so he sees that the nation can benefit from new fuel cell technologies that can lessen families' reliance on gasoline vehicles while maintaining the mobility that affords Americans a degree of individual freedom unmatched in the history of the world."
Enova Systems enabling technologies allow manufacturers of fuel cell powered systems to efficiently and cost-effectively utilize the power generated from these systems. Power management systems, process control systems and versatile electric and hybrid drive systems are in production for integration into a variety of mobile and stationary fuel cell applications.
On the mobile front, Enova is working with both Ford Motor Company and Hyundai Motor Company on fuel cell systems for their vehicle platforms. Ford Motor Company has contracted with Enova to develop and produce a high-energy conversion system which will allow its vehicles to transfer high-power DC power to lower voltage AC and vice-versa. This program is in its prototype phase going into limited production in 2002-2003. Hyundai Motor Company, which has worked with Enova for over six years, has also begun developing a fuel cell powered drive system with Enova. Hyundai's prototype fuel cell powered Santa Fe SUV, which Enova integrated the drive and control systems utilizing Enova's power management and control systems, won two gold and two silver medals at the Michelin Challenge Bibendum, an annual showcase for alternative fuel and advanced technology vehicles. Hyundai's vehicle received the highest award compared to other entrants, such as Ford, Daimler-Chrysler and Honda, in the areas of lowest emissions, fuel efficiency and noise reduction.
Enova's presence in the stationary fuel cell power market is also growing. Enova's fuel cell power management systems are currently in use or being evaluated by companies such as UTC Fuel Cells (a division of United Technologies), Hamilton Sunstrand and Hyundai Heavy Industries and also Avestor for lithium metal polymer batteries. With the end user always in focus, this versatile system may be modified to control, monitor and report on many elements such as temperature and flow of the subsystems of the stationary fuel cell system such as fuel delivery, fuel cell stack and power conversion. Enova continues to seek new markets for its systems to fully make use of the unique and varied features offered.
About Enova Systems
Enova Systems, with headquarters in Torrance, Calif., and offices in Hawaii and South Korea, is a leading designer, developer, and manufacturer of power management and conversion systems for the global mobile and stationary alternative energy 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 these power applications. The Company's product lines include the Panther(TM) propulsion systems ranging from 10kW to 240kW, DC-DC supplies for low voltage accessories, and power management systems for batteries, fuel cells, turbines and other components. Enova's propulsion systems and components are used in OEM vehicles from Hyundai Motor Company and are supplied to Ballard-Ecostar for use in the Ford Th!nk city vehicle. Enova also develops and manufactures propulsion systems for transit buses and airport trams. For more product details and other news see the Enova website at www.enovasystems.com.
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.