Ener1 (HEV) Narrows Loss, Approaches Commercial Launch of EnerDel Battery

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11:10:00 am on November 13, 2008

Ener1 (HEV), a development stage company in the business of lithium-ion batteries for plugin hybrid autos reported a narrow loss than in the year ago quarter with an EPS of -.08, compared to -.16.  Revenues nearly doubled over the year ago quarter to $39K.

Some highlights from the quarter:

– received a purchase order to deliver 2 prototype plug-in hybrid lithium-ion battery packs in Feb 09 to a major European auto maker.  HEV will also supply one prototype for a demo vehicle to a major tier one OEM company by the end of this month

– completed the acquisition of 85% of the capital stock of Enertech Intl. which allowed the company to obtain a production ready facility for half of what it would have to cost to build one itself

– currently installing production equipment at its plant in Indianapolis

“The third quarter was characterized by a firm-wide acceleration to production readiness, as we approach the commercial launch of the EnerDel battery in the Th!nk City vehicle scheduled for the first quarter of 2009,” said CEO Charles Gassenheimer. “This strategic partnership will enable our battery to be the first commercially available lithium-ion technology for automotive use. The acquisition of a world class lithium-ion production facility in Korea highlights Ener1’s ability to meet production needs as they arise.”

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