Hyundai and Enova Team Up on Next-Gen Fuel Cell Car
TORRANCE, Calif., Mar 11, 2004 (BUSINESS WIRE) -- Enova Systems (OTCBB:ENVA), Torrance, Calif., a developer and manufacturer of electric, hybrid and fuel cell digital power management, announced today that it has entered into a contract with Hyundai Motor Company of Korea to jointly develop Hyundai's next generation fuel cell power propulsion system for its new Tucson SUV. Hyundai unveiled its current version of the Tucson FCEV at the 2004 Geneva Auto Show earlier this month.
As part of the six-month program, Enova will enhance and optimize the current motor controller and electric for the Tucson Fuel Cell Hybrid Electric Vehicle (FCHEV). The Santa Fe FCHEV and FCEV, the predecessors to the Tucson, won five gold medals combined at the 2003 Michelin Bibendum Challenge in categories such as emissions, energy efficiency and reduced noise levels. Hyundai plans to make fuel cell vehicles available for lease by fleet operators by 2004.
"Since 1996, our long term relationship between Enova and Hyundai Motor Company has produced many leading edge technologies which both companies continue to utilize and enhance," commented Carl Perry, president and CEO of Enova. "This newest generation of the Hyundai and Enova's proven capabilities will propel both companies to the forefront of fuel cell vehicle systems."
Hyundai's next generation FCHEV, the Tucson SUV, will utilize Enova's next generation hybrid-electric drive-train, motor and control unit. This system is a variant of Enova's other drive systems which include power-trains from 30 to 240kW. The new hydrogen fuel cell system that will power this new Hyundai vehicle is being developed by UTC Fuel Cells, part of the UTC Power unit of United Technologies Corp. (NYSE:UTX).
"Entering this new phase of our program is really quite exciting because we will be able to build fuel cell electric vehicles in higher volumes for fleet testing applications. It also brings us one step closer to the commercialization of fuel cell vehicles," stated Kim Sang-Kwon, president of research and development for Hyundai Kia Motors, in Hyundai Motor Company's press release of March 2, 2004.
The goal of Hyundai's fuel cell program is to produce a fuel cell vehicle that appeals to consumers, is environmentally friendly and accelerates the development of a sustainable energy society. Hyundai expects to place fuel cell vehicles into fleet applications beginning as early as 2004, with limited consumer availability planned for 2010.
Established in 1969, Hyundai Motor Co. has grown into the Hyundai Automotive Group, which includes Kia Motors Corp. and over two dozen auto-related subsidiaries and affiliates. Employing nearly 50,000 people worldwide, Hyundai Motor posted US$21.94 billion in sales in 2002. Hyundai motor vehicles are sold in 166 countries through 4,504 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available on the Internet at http://www.hyundai-motor.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 and other risks are detailed from time to time in Enova Systems' periodic filings with the Securities and Exchange Commission under the name Enova Systems, Inc., including but not limited to Enova's annual report on Form 10-K for the year ended December 31, 2002. Enova assumes no duty to update these statements.
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