Enova Announces Amazing Revenue Growth

Enova Systems announces 327% growth in gross profit and 151% growth in revenues in 2010.

Published: 03-Apr-2011

TORRANCE, Calif. -- 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.

“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.”

GROWTH HIGHLIGHTS:

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.”

CUSTOMER HIGHLIGHTS:

Bolstering Q4 2010 performance, Enova shipped the following to meet increasing demand:

Expecting to further drive revenues, Enova will continue to ship systems to fill incremental Navistar, SEV, FAW, and FCCC orders. Additional customer highlights include:

TECHNOLOGY HIGHLIGHTS:

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 industry trending.

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 Military/Government conferences.

About Enova:

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.

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