Enova President and CEO Mike Staran commented, “In 2009, Enova continued to expand its OEM portfolio and build on its existing partner relationships. We also saw indications that businesses were again ready to engage green procurement efforts akin to the period before the economic landscape soured in 2007.”
Staran continued, “Our proactive government strategy has ensured that our products qualify for international, federal, and state subsidies. These subsidies reduce the price point of Enova’s emissions reducing and fuel efficient technology as well as improve the payback period for early adopters positioning Enova for growth in 2010.”
Highlights of 2009 Results:
* Total 2009 net loss was $7,045,000 on $5,622,000 in revenue for the year. Total fourth quarter 2009 net loss was $2,071,000 on $1,468,000 in revenue.
* Gross margin for the year ended 2009 was 11% on sales of $5,622,000, Gross margin for the quarter ended December 31, 2009 was 12% on $1,468,000 in sales.
* Enova delivered 280 pre-transmission hybrid drive systems to First Auto Works (“FAW”) of China for its Jiefang 12-meter hybrid electric buses. In excess of 200 systems were shipped in the 3rd Quarter, confirming Enova’s ability to provide high volume to major OEMs.
* Freightliner Custom Chassis Corporation, a division of Daimler Trucks North America, recently unveiled its Enova powered all-electric commercial chassis for its highest volume MT-45 chassis, and has placed production vehicles in national fleets. Freightliner expects significant production penetration by early 2011.
* Enova was awarded an exclusive supplier contract with the U.S. General Services Administration (“GSA”), which procures in excess of $1 billion vehicles annually for government agencies and armed forces. Under this contract, Enova will supply Enova Ze all-electric walk-in step vans to GSA under the Cargo Vans category.
* Enova saw further federal fleet penetration potential via GSA with the Smith Electric Vehicles’ (“Smith”) Newton product offering in the Medium and Heavy Duty vehicle category. The Smith Newton is another exclusive, all-electric medium and heavy duty truck offering on the GSA product menu. Also, Navistar continued to demonstrate its leadership in the American school bus market with its exclusive GSA contract to supply hybrid school buses.
* Navistar, with Enova as a co-applicant, was selected to receive a cost-shared award of up to $10 million under the Department of Energy Plug-in Hybrid Electric Vehicle (“PHEV”) Technology Acceleration and Deployment Activity program to develop and deploy 60 plug-in electric hybrid school buses, including engine-off all-electric drive capability.
Enova Systems 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 vehicles in both the “new” and “retrofit” vehicle sales market.