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Enova Systems Inc

  • BY: Andrew Hore |
  • POSTED: 12/10/2011 |

Enova Systems Inc says that its second half revenues will be well below the figure achieved in the first half of 2011.

Shares in Enova fell 3.5p to 12.5p a share. The poor trading is blamed on reduced demand from Enova’s two largest customers. Enova is trying to reduce the capital spending required by its customers in order to remove an obstacle to sales.

Enova has relationships with Navistar, Smith Electric Vehicles and other vehicle makers. Enova offers electric and electric hybrid transmission systems. The technology can be used with any batteries or fuel cells.

Enova is in discussions with potential customers in the UK and Asia.

During the summer, Enova decided to stick with its Aim quotation even though earlier it had said that it was going to concentrate on its NYSE listing and save $200,000 a year in costs.

Enova needs to raise cash to finance working capital and the further development of its technology. It needs to generate revenues of more than $20m to be cash neutral.

Third quarter figures will be released in November.

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