Enova Systems Inc reported sharply lower revenues in the first half of 2013 and it is running out of cash.
Enova supplies electric and electric hybrid transmission systems. Revenues fell from $903,000 to $285,000 and costs have been slashed and the workforce reduced. Nothing was spent on R&D in the first half, compared with $804,000 in the first half of 2012. The loss was cut from $4m to $746,000.
There was $8,000 in the bank at the end of June 2013. There was also $1.3m of loan notes in the balance sheet.
This lack of finance has delayed the further introduction of the Omni Inverter vehicle controller and Omni Charger on-board battery charger for plug-in hybrid/electric and electric vehicles. Cash and receivables are not enough to keep the business going until the end of the year.
Enova has accumulated losses of more than $160m.
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