Enova Systems Ranked Number 220 Fastest Growing Company in North America on Deloitte’s 2011 Technology Fast 500™
October 20 2011 - 4:03PM
Business Wire
Enova Systems (NYSE AMEX: ENA) (AIM: ENV) (AIM: ENVS) today
announced it ranked 220 on Deloitte’s Technology Fast 500™, ranking
of the 500 fastest growing technology, media, telecommunications,
life sciences and clean technology companies in North America. The
rankings are based on percentage of fiscal year revenue growth
during the period 2006 to 2010.
Enova Systems’ Chief Executive Officer, Mike Staran, credits
“traction of our products with key customers, combined with U.S.
government programs incentivizing purchases of all-electric and
hybrid technologies in our market segment”. He added, “We are
honored by our ranking in the Technology Fast 500™ and thank our
customers for their ongoing support.”
“Enova Systems, like all 2011 Technology Fast 500™ companies,
have excelled in fostering innovation and channeling it into
spectacular growth -- against the backdrop of one of the most
challenging economies in history,” said Eric Openshaw, Vice
Chairman and U.S. Technology, Media and Telecommunications Leader,
Deloitte LLP. "Deloitte recognizes Enova Systems for its remarkable
accomplishment.”
“We are pleased to honor Enova Systems as a 2011 Technology Fast
500 company,” said Mark Jensen, managing partner, technology and
venture capital services, Deloitte & Touche LLP. “As one of the
fastest growing tech companies in North America, Enova Systems has
demonstrated excellence in technological innovation,
entrepreneurship and rapid growth.”
About Deloitte’s 2011 Technology Fast 500™
Technology Fast 500, which was conducted by Deloitte &
Touche LLP, a subsidiary of Deloitte LLP, provides a ranking of the
fastest growing technology, media, telecommunications, life
sciences and clean technology companies – both public and private -
in North America. Technology Fast 500 award winners are selected
based on percentage fiscal year revenue growth from 2006 to 2010.
In order to be eligible for Technology Fast 500 recognition,
companies must own proprietary intellectual property or technology
that is sold to customers in products that contribute to a majority
of the company's operating revenues. Companies must have base-year
operating revenues of at least $50,000 USD or CD, and current-year
operating revenues of at least $5 million USD or CD.
Additionally, companies must be in business for a minimum of
five years, and be headquartered within North America.
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.
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 and most recent Form 10-Q for the
fiscal quarter ended June 30, 2011.
ENOVA SYSTEMS, Inc. 1560 West 190th Street Torrance, CA 90501
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