Enova Announces Successful Capital Raising

June 18, 2002 by Jeff Shepard

Enova Systems Inc. (Torrance, CA) announced the success of its recent drive for increased capitalization, raising more than $4.0 million. Enova will apply a substantial portion of the investment capital to expand its product base, customer service and support. Additional financial resources remain targeted toward the research and development, and to meeting the production requirements for a series of ongoing programs.

Enova President and CEO Carl Perry stated, "Enova is on the move, generating sales from new international and domestic customers, filling our production orders from major OEMs, and developing new and more advanced power management systems for mobile and stationary applications. We share the excitement of our investors about the company's prospects for 2002 and beyond."