Ener1 (HEV) Signs MOU With ITOCHU Corp To Enter Japanese Market

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10:57:33 am on February 2, 2009

Ener1 (HEV), maker of lithium ion batteries has signed a memorandum of understanding with ITOCHU of Japan to outline a partnership that would introduce HEV products into the Japanese automotive marketplace.  ITOCHU will serve as Ener1’s sales, marketing and development partner for both Japanese auto OEM’s and Tier One suppliers.  The agreement also sets the stage for ITOCHU to introduce HEV batteries as an energy storage solution for the solar power market.

“Today’s announcement marks an important step forward in our six year relationship with Ener1,” said Yutaka Kato, Chief Operating Officer of ITOCHU’s Industrial Machinery and Solutions Division. “We believe Ener1 is in a unique position to be able to supply the world’s automotive market today, with a superior technology that we intend to develop with Japanese systems integrators to provide an advanced energy storage solution for the emerging solar and wind technologies. ITOCHU believes that Ener1 is one of the unique global players that can solve the problem of energy storage between the vehicle and the power grid.”

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