Enova Systems Shares Rev Up

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Enova Systems, a manufacturer of electric motor drives, has received a large-scale production order from truck maker Smith Newton. The news sent Enova Systems shares 10 percent higher Wednesday morning.

The Torrance company announced Tuesday that Smith Newton has placed a new order for 50 of Enova’s 120 kilowatt drive system. This order follows two from earlier in the year, bringing the total to 120 units year-to-date.

The drives will be installed in Smith Newton trucks in Kansas City, Mo. Smith Newton has a $32 million grant from the U.S. Department of Energy to create an electric truck demonstration program.

“Enova’s drive systems offer the ideal technology for our Smith Newton vehicles,” Smith Newton Chief Executive Bryan Hansel said in a statement. “We look forward to expanding our relationship with Enova via a long term supply agreement that will allow us and our suppliers to maximize penetration and cost effectiveness through high volume orders.”

Shares of Enova gained 10 cents or 10 percent to $1.03 on the American Stock Exchange by mid-day Wednesday.

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