Enova Systems to Float on AIM in Search of £10M
18 July 2005
Enova Systems, the California-based maker of electric, hybrid electric, and fuel cell drive systems and components, is seeking to raise some £10 million (US $17.5 million) from a secondary listing of its shares on London’s AIM. First trading, according to the exchange, is expected this Friday.
Enova is currently listed on the NASDAQ bulletin board, with shares trading in the $0.10–$0.15 range.
An executive close to Enova said: “The process is going well and it looks like the flotation will be oversubscribed. There is much more demand for these types of companies on the London market than there is in New York.” (Daily Telegraph)
Enova Systems (formerly US Electricar) has been partnering with Hyundai for years on the research and development of all electric, hybrid electric, and fuel cell drive systems. Hyundai Motors and Hyundai Heavy Industries (HHI) took equity stakes in Enova, and in 2003 the companies opened the joint Hyundai Enova Innovative Technology Center.
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