Enova Systems, (AMEX: ENA / AIM: ENV), the developer of electric, hybrid and fuel cell digital power management systems, climbed 9% higher after announcing that it has entered into a long term supply agreement with IC Bus. IC Bus is a subsidiary of Navistar, a major player in school bus manufacturing in the United States, Canada and Mexico.
The agreement guarantees that Enova's Post Transmission Parallel Hybrid Electric drive system will be used in IC Bus' hybrid school buses. Enova said the agreement is worth in excess of US$120 million through to 2010.
"This is a significant milestone for Enova and the entire market. We are honoured that a World Leading OEM, such as IC Corporation has chosen us as their partner to be their production supplier of Electric Drive Systems." said Mike Staran, President and CEO of Enova.