Enova Systems (AMEX: ENA [1]) is up almost 7 percent this morning on news that it will begin shipping production-quantity parts to Norway's Think Group next month for the company's forthcoming all-electric vehicle.
Enova, a producer of electric, hybrid and fuel cell digital power management systems, will supply a Power Control Unit (PCU) to the Think Group for converting and regulating high voltage power to lower voltages and assisting in energy recovery during regenerative braking.
Think, which recently obtained $28M, anticipates production to ramp quickly throughout Europe. The forthcoming second generation Think City vehicle marries design with comfort and convenience, in a small European-sized package.
The Think City claims a driving range of 180 km, with a top speed of 100 - 110 kph and a 0-50 kph acceleration of seven seconds.
Think expects to produce one of the largest fleets of electric vehicles in the world. The new vehicle is expected to be launched in Norway in 2007, and is selected international markets in 2008.
“Enova is very pleased that the Think vehicle is now entering the production phase. We anticipate that the vehicle will gain rapid worldwide acceptance,” said Mike Staran, Enova’s Executive Vice President.
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[1] http://finance.google.com/finance?q=ENA