ITOCHU Corporation Providing Ener! (HEV) With $20 Million Strategic Equity Investment

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11:08:15 am on December 7, 2009

Ener1 just announced that the company has received a $20 million strategic equity investment from Japanese commercial trading company ITOCHU Corporation. ITOCHU purchased 3.2 million shares of Ener1 common stock, paying $6.18 per share.

In a press release, Ener1 Chairman and CEO Charles Gassenheimer commented on the news:

“ITOCHU has been an invaluable strategic partner for Ener1, supplying capital at important phases in the company’s growth and granting vital access to materials and equipment. Their deeply rooted relationships with many of the world’s leading companies involved in grid storage and electric drive continues to foster new relationships and open doors to compelling commercial opportunities.”

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