Enova Systems Inc., a developer of hybrid-electric and all-electric drive systems and components for commercial vehicles, has raised $1,687,500 in financing through the sale of 11.25 million shares of common stock.
The company says it intends to use the proceeds to facilitate production of its new Omni Drive System, as well as to support its recently announced Green For Free initiative in conjunction with Freightliner.
The financing was managed by Merriman Capital Inc. and led by Anthony B. Low-Beer.
