Frost & Sullivan Recognizes EVO Electric for Its Outstanding Entrepreneurial Spirit in Developing and Promoting Axial Flux Technology for Automotive Applications

LONDON, February 8 - Based on its recent research on the automotive powertrain market, Frost &
Sullivan presents EVO Electric Ltd. (EVO Electric) with the 2009 European
Frost & Sullivan Award for Entrepreneurial Company of the Year.

(Logo: www.newscom.com/cgi-bin/prnh/20081117/FSLOGO)

The global movement toward hybrid and electric vehicles, driven by
increasingly stringent emissions regulations and consumer demand for higher
fuel economy, offers huge opportunities for innovative companies. EVO's main
contribution in this regard is to have developed an ultra-light axial flux
motor design that enables automotive OEMs to cut the cost, weight and
complexity of hybrid, plug-in hybrid and electric vehicles. Axial flux
machines offer a number of advantages relative to conventional radial flux
motors, including lower weight, smaller volume, lower cost and ease of
implementation. They can be used in standard hybrid and electric powertrains
as well as in-wheel motors or electric corner modules. Until recently,
commercialisation of axial flux motors was held back by a lack of suitable
materials and various design tradeoffs.

"EVO Electric's effort to bring axial flux technology motors from a lab
to the market highlights the company's entrepreneurial spirit," says Frost &
Sullivan Research Analyst Bharath Kumar Srinivasan. "By developing a large
network of partners in industry and in the financial community, EVO Electric
has succeeded in commercialising its unique technology and pioneering the use
of large axial flux machines in the automotive industry."

EVO Electric was established by Dr Michael Lamperth in 2007 to
commercialise technology developed in his research at Imperial College
London. EVO has moved forward rapidly since its inception by exhibiting the
ability to grow its global presence as well as develop and promote its
products without compromising on performance or quality. The company has
already delivered several units to OEMs and systems integrators, and has
generated customer interest that could result in more funds for expansion.
The company anticipates rapid sales growth as OEMs and Tier 1 suppliers look
for more advanced - and affordable - solutions to power their emerging hybrid
and electric vehicle platforms.

Unlike many start-up companies, EVO's has been a planned growth path with
the key strategy being to find and focus on applications with near-term
potential, such as commercial vehicles (taxis, delivery vans, buses, trucks)
and military power generators. Another strategy has been to ensure focus on
its planned areas, for example R&D and business development, so that the
various tasks do not spread its financial and human resources too thinly.

EVO Electric has also adopted innovative business processes aimed at
increasing the value of the product and company, thus, appealing more to the
customer. For instance, the engineers are involved in any brain-storming
session to put forward ideas and improvements on existing products. Based on
the ease of implementation and resource requirements, the best ideas
resulting from the session are short-listed and implemented either
immediately or after strategic analysis. This process adds value to the
product at no additional cost to the customer or EVO Electric, while keeping
the employees motivated and highly involved.

As a new company it is also necessary to offer more value to attract
customers either in-terms of cost-effectiveness, increased performance or
value additions, to enable better market penetration. The attractiveness of
EVO Electric's motor/generator is the higher power/torque density, which
enables a customer to reduce the overall weight for a given power rating,
thereby increasing the efficiency and/or range. In electric vehicle
applications, this reduced weight allows for the use of more number of
batteries enabling higher range.

"The focus on partnerships with Tier 1 suppliers to improve market
presence is very important since it enables the technology from EVO Electric
to be manufactured based on the expertise of Tier 1 suppliers," notes
Srinivasan. "Moreover, targeting niche markets that are relatively cost
insensitive also shows the company's potential for market penetration."

For these robust and rapid achievements, Frost & Sullivan lauds EVO
Electric with the 2009 European Frost & Sullivan Award for Entrepreneurial
Company of the Year in the automotive powertrain market. Each year, Frost &
Sullivan presents this award to a company that has demonstrated a strong
entrepreneurial spirit. The award recognizes outstanding growth strategy and
implementation, degree of innovation in business processes and leadership in
customer value and market penetration.

Frost & Sullivan Best Practices Awards recognize companies in a variety
of regional and global markets for demonstrating outstanding achievement and
superior performance in areas such as leadership, technological innovation,
customer service, and strategic product development. Industry analysts
compare market participants and measure performance through in-depth
interviews, analysis, and extensive secondary research in order to identify
best practices in the industry.

About EVO Electric

EVO Electric Limited (www.evo-electric.com) develops and
manufactures advanced electric machines, drive systems and other integrated
products for a wide range of transportation and mobile power applications.
The company's core competence is the development, design and integration of
high torque electric motors and generators based on Axial Flux technology, an
ultra efficient, low weight alternative to conventional radial flux machines.
Axial Flux motors and generators are particularly relevant to hybrid and
electric vehicle applications, enabling automotive OEMs and systems
integrators to cut the cost, weight, size, complexity and power requirements
of electric powertrains.

EVO is backed by Imperial Innovations plc (AIM: IVO) which creates,
builds and invests in pioneering technologies. Imperial Innovations supports
scientist-entrepreneurs in the commercialisation of their ideas and has
exclusive access to scientific and technological developments coming out of
Imperial College London, one of the world's leading research institutions.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to
accelerate growth and achieve best-in-class positions in growth, innovation
and leadership. The company's Growth Partnership Service provides the CEO and
the CEO's Growth Team with disciplined research and best-practice models to
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Contact:

Frost & Sullivan:

Ciara Jamie Connolly, Senior Events & Promotions Executive/ EMEA, Best
Practices, Frost & Sullivan, ciara.connolly@frost.com,
P: +44-(0)-207-915-7868, F: +44-(0)-207-730-3343, www.frost.com

EVO Electric:

David Latimer, CEO of EVO Electric, at +44-(0)-1483-745-010 or
info@evo-electric.com.

Ciara Jamie Connolly, Senior Events & Promotions Executive/ EMEA, Best Practices of Frost & Sullivan, +44-(0)-207-915-7868, Fax, +44-(0)-207-730-3343, ciara.connolly at frost.com; or David Latimer, CEO of EVO Electric, +44-(0)-1483-745-010, info at evo-electric.com