Enova Systems Inc. (Torrance, CA) announced that it has agreed in principle with Hyundai Heavy Industries Co. Ltd. (HHI, Busan, Korea) to establish a joint venture for an advanced technology center for research and development to be domiciled at Enova's Torrance headquarters.
The advanced technology center's mission will be to advance current technologies and create new intellectual property and products, which may then be manufactured by HHI for world markets in commercial, industrial and residential applications. It is anticipated that the advanced technology center will be initially funded with $6.0 million from HHI to pursue research and development projects in advanced power management and conversion programs for stationary power applications. Additional programs may also be funded by either partner or through third-party contracts. Enova and HHI plan to commence operations of the advanced technology center in early 2003.
