Enova Systems, Inc. Issue of Equity (6937A)

TIDMENV TIDMENVS

RNS Number : 6937A

Enova Systems, Inc.

24 February 2014

Enova Systems, Inc.

("Enova" or the "Company")

Issue of Equity

Enova Systems, Inc (OTCQB: ENVS and AIM: ENV and ENVS), is pleased to announce that it has conditionally raised approximately GBP150,000 by way of a private subscription of 19,999,998 new common shares of nil par value ("Subscription Shares") at a price of 0.75 pence per Subscription Share (the "Subscription").

The Subscription Shares will be issued in three tranches. Consideration for the first tranche of GBP49,999,96 will be remitted to the Company and 6,666,666 Subscription Shares ("First Tranche Shares") will be allotted to investors on 27 February 2014. Consideration for the second tranche of GBP49,999,96 will be remitted to the Company and 6,666,666 Subscription Shares ("Second Tranche Shares") will be allotted to investors on 5 March 2014. Consideration for the third tranche of GBP49,999,96 will be remitted to the Company and 6,666,666 Subscription Shares ("Third Tranche Shares") will be allotted to investors on 19 March 2014.

Application will be made for the First Tranche Shares to be admitted to trading on AIM and admission is expected to occur at 8:00am on 27 February 2014 ("First Tranche Admission"). Application will be made for the Second Tranche Shares to be admitted to trading on AIM and admission is expected to occur at 8:00am on 5 March 2014("Second Tranche Admission"). Application will be made for the First Tranche Shares to be admitted to trading on AIM and admission is expected to occur at 8:00am on 19 March 2014 ("Third Tranche Admission").

Following the First Tranche Admission, the Company will have in issue 51,186,863 common shares of nil par value ("Common Shares"). The Company does not hold any Common Shares in Treasury. Therefore the total number of Common Shares with voting rights in the Company will be 51,186,863.

Following the Second Tranche Admission, the Company will have in issue 57,853,529 Common Shares.

Following the Third Tranche Admission, the Company will have in issue 64,520,195 Common Shares.

These figures may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.

For further information, please contact:

Enova Systems, Inc.

John Micek, Chief Executive Officer

Tel: + 1 650 346 4770

Daniel Stewart & Company plc

(Nominated Adviser & Broker)

Paul Shackleton / Antony Legge

Tel: + 44 (0) 20 7776 6550

This information is provided by RNS

The company news service from the London Stock Exchange

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