Enova Systems Announces 327% Growth in Gross Profit and 151% Growth in Revenues in 2010
March 30 2011 - 3:15PM
Business Wire
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.
GROWTH HIGHLIGHTS:
- $3.7M in revenue for Q4 2010, up more
than 151% over the same period in 2009
- 20.4% gross margin for Q4 2010 with
gross profit up 327% over the same period in 2009 result as one of
the best quarters on record for Enova
- Annual revenue growth from $5.6M in
2009 to $8.6M in 2010, a 52% increase
- Overall annual gross margin increase
from 10.8% in 2009 to 16.5% in 2010
- Moved from an overall gross margin loss
of 74.1% in 2006 to 16.5% positive gross margin in 2010
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:
- Charge-depleting plug-in hybrid school
bus systems delivered to Navistar
- Full EV drive systems and other system
components delivered to Smith US (SEV)
- Pre-transmission sets delivered to
First Auto Works (FAW)
- Full EV drive systems and other system
components delivered to Freightliner Custom Chassis (FCCC)
Expecting to further drive revenues, Enova will continue to ship
systems to fill incremental Navistar, SEV, FAW, and FCCC orders.
Additional customer highlights include:
- FIRST AUTO WORKS (FAW)
collaborated with Enova to develop a biaxial parallel hybrid power
platform capable of idling starting/stopping, low-speed electric
drive, separate drive, combined drive and regenerative braking.
This platform will be used to power FAW’s 11-meter and 12-meter
hybrid power buses operating in Changchun, Dalian and Kunming,
China.
- SMITH ELECTRIC VEHICLES (SEV)
and Enova continue to penetrate the US market. SEV supplies
vehicles for Frito Lay, Staples, Coke, PG&E and AT&T. SEV
has been awarded $32 million by the U.S. Department of Energy to
develop and produce all-electric parcel delivery.
- NAVISTAR and Enova continue to
lead the hybrid school bus market. Despite a sluggish economy and
delayed volume growth, Navistar is growing its market share. Demand
for non-plug-in hybrid school buses is expected to increase with
the emergence of capable charge-sustaining batteries. This new
battery technology also positions Enova to aggressively pursue the
retro-fit market.
- FREIGHTLINER CUSTOM CHASSIS
CORPORATION (FCCC), a key Enova customer, maintains an 80%
market share in the pickup and delivery sector, making them the
segment leader. This sector includes UPS, Federal Express and other
national fleet operators. FCCC’s electric vehicles employ Enova’s
MT-EV chassis, with a durable frame and a GVWR of 14,000 to 19,500
lbs. capable of handling heavy payloads. FCCC is in the final phase
of delivering initial vehicles to top fleet operators.
- GENERAL SERVICES ADMINISTRATION
(GSA) recently extended a key Enova contract for another year
to supply all-electric step vans to the Federal government. Smith
Electric Vehicles’ Newton, and all-electric medium and heavy duty
truck, presents an additional opportunity to penetrate the GSA
fleet market. Another major Enova customer, Navistar continues its
exclusive GSA contract to supply hybrid school buses.
- US AIR FORCE & HAWAII CENTER FOR
ADVANCED TRANSPORTATION TECHNOLOGIES (HCATT) has awarded Enova
a contract to integrate a hydrogen fuel cell powered electric
runway sweeper for use at the joint Pearl Harbor-Hickam Air Force
base in Honolulu. A portion of the project was completed in Q4 2010
and the remainder of this $1M+ contract is expected to be completed
in 2011. Enova is conducting other high level government briefings
on the benefits and value of its engineering and product
capabilities.
TECHNOLOGY HIGHLIGHTS:
- OMNI INVERTER: Power-source
agnostic, Enova’s new Omni-series inverter offers increased
flexibility and ease-of-integration. With plug-and-play
connectivity, it is compatible with a wide range of vehicle drive
systems and motors, and can be configured for HEV, PHEV and EV
applications.
- OMNI CHARGER: Enova launched
plans to develop and validate its next-generation of power
electronics with the new Omni-series 10kVA power on-board charger
for hybrid-electric and all-electric vehicles. The new Omni-series
charger also offers increased flexibility, ease-of-integration and
compatibility with a wide range of vehicle platforms.
- LGCPI Battery Supply: Enova
Systems announces a partnership with LGCPI, the North American
subsidiary of LG Chem Ltd. LGCPI intends to produce and supply
power-oriented battery packs on Enova’s charge-sustaining
post-transmission hybrid systems. LG Chem clients include
General Motors Co., Volvo AB, Ford Motor Co., Renault, Eaton,
Navistar and China’s Chongqing Changan Automobile Co. The company’s
EV battery business is expected to generate $901 million in sales
by 2013. Combined with Enova’s new Omni inverter, the LGCPI packs
will provide Enova’s customers with the most advanced and robust
medium duty truck and bus hybrid systems available. The combined
technologies will also offer strong value and performance to the
end user.
- BATTERIES: Enova continues to
mature its long-standing relationship with Valence on
energy-oriented battery packs, as well as evaluate technologies
offered by A123, Samsung/Bosch and Dow Kokam.
- REMY: Enova and Remy have
executed a letter of intent to develop a new electric drive system
based on Enova’s next generation Omni controller and Remy HVH250
motor. Remy is North America’s largest independent manufacturer of
advanced electric propulsion motors. Remy’s patented design and
assembly technology have been in production since 2006 and are
currently powering vehicles around the world.
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.
- Smith US raises $58M in March 2011 for
the production of EV fleets
- Remy recently filed for an IPO in March
2011 for up to $100 million
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.
ENOVA SYSTEMS, Inc.1560 West 190th StreetTorrance, CA 90501
Additional Information:
This news release contains forward-looking statements relating
to Enova Systems and its products that are intended to be covered
by the safe harbor for forward-looking statements provided by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements can be identified by the use of forward-looking
terminology such as “believe,” “expect,” “may,” “will,” “should,”
“could,” “project,” “plan,” “seek,” “intend,” or “anticipate” or
the negative thereof or comparable terminology and statements about
industry trends and Enova’s future performance, operations and
products. These forward-looking statements are subject to and
qualified by certain risks and uncertainties. These and other risks
and uncertainties are detailed from time to time in Enova Systems’
periodic filings with the Securities and Exchange Commission,
including but not limited to Enova’s annual report on Form 10-K for
the year ended December 31, 2010.
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