Enova Hires Merrill Lynch

Company retains Merrill Lynch to advise on growth and financing options.

Published: 11-Jan-2001

TORRANCE, Calif.--(BUSINESS WIRE)--Jan. 11, 2001--Enova Systems, Torrance, Calif., (OTCBB: ENVA), today announced that it has retained Merrill Lynch to provide exclusive financial advisory services and act as its investment bank in its strategic financing alternatives.

Enova shall also utilize the services of Merrill Lynch to enhance the growth of the company in its efforts to seek full Nasdaq listing this year.

"We believe the addition of Merrill Lynch to our advisors validates Enova's efforts toward being a major player in the field of mobile and stationary power conversion and management systems," stated Carl Dean Perry, president and CEO. "We believe this is a critical milestone in the company's strategic plan to gain the financial resources to attract new investments to power our growth in the new millennium."

"Merrill Lynch is a premier global investment bank and the new alliance of our companies is a bold new step toward achieving Enova's goals," said Anthony Rawlinson, chairman of the board of Enova Systems. "The company feels that Merrill Lynch is the ideal partner for creating new international alliances in the burgeoning field of enabling technologies for digital power management."

Enova's management has developed an aggressive business plan for its line of proprietary propulsion and energy management systems. The company believes it has become a recognized leader in the development of leading edge technologies for electric, hybrid and fuel cell powered mobile applications. Enova is using its experience in these fields to pursue its development of enabling technologies for the distributed power generation markets and telecommunications industry.

"Merrill Lynch recognizes Enova Systems' potential for growth and market penetration in the field of mobile and stationary power applications," said Charles J. Murphy, managing director, Energy Technology of Merrill Lynch Corporate and Institutional Client Group. "We feel that Enova possesses the enabling technology and the expertise to advance in these markets. Merrill Lynch looks forward to assisting Enova Systems to meet its goals."

Enova Systems, with headquarters in Torrance Calif., 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 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.

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