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Ener1 (HEV) Reports Revenue Surge, But Continues Earnings Losses
Ener1 (HEV), the developer of lithium ion technology for electric cars, reported a 4th quarter revenue surge but the development stage company continues to rack up losses on the earnings side of the coin. The company reported record quarterly revenue of $6.3 million but lost .12/share in the quarter due to an increase in R&D and admin costs.
The company finished 08 with $14 million in cash along with a $30 million loan facility to finance operations this year. In addition, the company has applied for $480 million over 10 years in financing under the DOEs Advanced Technology Manufacturing Incentive Program which is currently under review. The company may also be eligible for some of that $2 billion in stimulus funding for advanced battery initiatives.
“2008 was an important year for Ener1 on a number of levels,” commented Chairman and CEO Charles Gassenheimer. “We built the foundation for tremendous growth during a challenging year. Our investment in capacity has led to our customer traction tripling in the last 5 months. We believe that we have all of the pieces to fully execute on our plan and look forward to a challenging, but rewarding 2009.”
Shares of HEV are trading up over 8% in after hours trading.
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