Enova Electrical, a local specialist in electrical switchboards, has reaped the rewards of its early foray into the renewable energy sector, securing a coveted spot among Singapore’s Fastest Growing Companies in 2024, a ranking compiled by The Straits Times and Statista.
The foundation for Enova’s rapid expansion was laid in 2019 when the company swiftly entered the electric vehicle (EV) charging segment. Today, it stands as the market leader in supplying electrical distribution boards for both solar and EV charging sectors. Managing director Terence Yoo, 48, attributes their success to a strategic shift in sales focus from mass electrical markets to specific segments, such as solar and EV charging.
“We decided to provide customers with total solutions rather than just products,” explains Mr. Yoo. In addition to manufacturing electrical distribution boards, Enova now offers installation services for solar panels, inverters, solar structures, and alternating current distribution boards (ACDBs), emphasizing a comprehensive approach that includes consultancy services.
Despite facing challenges during the Covid-19 pandemic, Enova’s revenue surged from $5.3 million in 2019 to $12.8 million in 2022, marking an impressive growth of 142%.
Mr. Yoo highlighted the impact of the pandemic on Enova’s operations, citing frequent manpower shortages due to work-from-home and quarantine orders. However, the company’s proactive measures, including relocating to a 20,000 sq ft site and stockpiling components, ensured optimal delivery lead times, setting Enova apart as the sole manufacturer in Singapore with ready stock of items like ACDBs.
Enova’s expertise lies in manufacturing main switchboards and power distribution boards for diverse installations, including buildings, solar projects, and EV charging points. Mr. Yoo, a 26-year industry veteran, founded Enova in 2008, driven by a passion for entrepreneurship and a belief in focusing on one’s strengths.
The company’s commitment to innovation is evident in its statistics for the solar segment, with Enova-manufactured ACDBs protecting solar installations growing from 63.7MWp in 2020 to 216.3MWp in 2022. The company recently completed a solar installation project in Kallang Bahru under JTC’s SolarLand program and is actively engaged in another project in the western part of Singapore.
In the EV charging segment, Enova’s EV distribution boards facilitated a significant increase in charging points, from 210 in 2021 to 676 in the first half of 2023, contributing to Singapore’s goal of achieving 60,000 EV charging points by 2030.
Mr. Yoo outlines Enova’s core strategies for sustained growth, emphasizing continuous improvement of work processes and investments in new equipment. The introduction of innovative solutions, such as a mechanical hoisting ladder, reflects the company’s commitment to safety and efficiency.
Enova’s belief in the potential of microgrids, which integrate renewable energy sources, energy storage, and electricity usage, aligns with its dedication to a sustainable future. Microgrids have enabled Enova to optimize energy usage at its projects, contributing to Singapore’s greener path.
“We’re committed to achieving a sustainable future through the supply of our products and services,” affirms Mr. Yoo, underscoring Enova’s role in propelling Singapore towards a more environmentally conscious future.