Ties in somehow.....
Enova Systems Enters Into a Strategic Relationship
With Ford Motor Company; Enova Systems to
Provide Fuel Cell Components for Ford
November 13, 2001 1:01:00 PM ET
TORRANCE, Calif.--(AutomotiveWire)--Nov. 13, 2001--Enova Systems
ENVA announced today that it has entered into a strategic relationship
with Ford Motor Company F under which Enova has been selected by
Ford Motor Company's Th!nk brand to develop and manufacture a high
power, high voltage conversion module (HEC) for their upcoming fuel
cell vehicle.
Furthermore, under the terms of the strategic relationship, Ford will
have the opportunity to own up to 4.6% of the outstanding common
stock of Enova Systems.
The relationship will last for five years during which Ford will evaluate
Enova for future programs. The first of these programs will be the
development of a power conversion device for use in an upcoming Ford
Th!nk development program. The HEC module will convert high voltage
power from the fuel cell into a lower voltage.
Th!nk Executive Director, John Wallace stated, "Ford believes Enova
Systems to be a valuable team member in our company's development
and commercialization of alternative fuel vehicles. Enova's unique
solutions and technical expertise in the field of power conversion and
management systems are an asset to Ford."
"Our company continues to prove its technology is at the forefront of the
digital power management industry. Relationships, such as this, are
key to Enova's long-term strategic plan as a worldwide developer and
manufacturer of components for mobile and stationary power systems.
This is one more affirmation of Enova's expertise in power management
and conversion systems. Our company has truly reached a milestone
in adding Ford Motor Company as both a customer and a business
partner," said Enova's CEO and president, Carl Dean Perry.
About Enova Systems
Enova Systems, with headquarters in Torrance, California 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
120kW, 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
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.
Contact Information:
Enova Systems, Inc.
Carl Dean Perry, (310) 527-3848
Edward Moore, sales@enovasystems.com (Sales Contact)
Larry B. Lombard, llombard@enovasystems.com
(Investor Relations)
www.eno |
