Advanced Battery Tech (ABAT) announced this morning it has signed an $8.7 million polymer lithium-ion phosphate battery contract with U Long Run Sheng Technology. The ABAT batteries will be used by Long Run for electric motorcycles and other electric vehicles.
ABAT CEO, Zhiguo Fu, said, “We believe the order speaks to the quality of our products and services. The management team at U Long Run Sheng compared similar products available in the market and determined … Read the rest
The much anticipated A123 Systems IPO is closer to a reality after a year long wait following its IPO registration on 8/8/08. While the launch date has yet to be announced (most likely between Sept 21 – 25), the lithium battery company revealed the expected stock price of $8 – $9.50/share last week and plans to sell 25 million shares, raising more than $200 million in the process. When the stock begins trading, it will … Read the rest
Advanced Battery Technologies (ABAT) just announced that it has signed a letter of intent to acquire a leading Chinese battery company,according to this press release.
As a down payment for the battery company, located in Shenzen, China, Advanced Battery Technologies will pay a refundable deposit of RMB 10 million. The final purchase will be made after Advanced Battery Technologies does its due diligence regarding the purchase, as long as everything checks out.
In the press … Read the rest
Think Global has been on its last legs, but is emerging from bankruptcy with a total cash infusion of $47 million from various investors including partner Ener1 (HEV). Ener1 will invest an additional $18 million in the company and convert an additional $3 million in debt for preferred shares, giving the company a 31% stake in the company and securing its spot as lead investor in the company.
As part of the deal, Ener1 receives … Read the rest
Sanyo (OTC:SANYY) shares continue to rally along with Panasonic (PC) shares (which plans to merge with Sanyo) on news that Toyota (TM) plans to begin purchasing lithium batteries from Sanyo beginning in 2011 according to a Reuters source who remains anonymous since the info hasn’t been made official yet. Toyota plans to purchase about 10,000 batteries a year and rumor has it that they’ll use it in a minivan hybrid expected to launch in about … Read the rest
Advanced Battery Technologies (ABAT) reported their earnings during market hours today and missed on both EPS and revenues. Excluding one time gains, the company earned just .03/share which missed the analyst estimate of .08/share and represents a 67% plunge over the year ago quarter. Despite an increase in revenues due to the Wuxi Autocycle acquisition, the company still missed estimates there as well, reporting $13.8 million. That’s a miss of nearly $2 million, but is … Read the rest
Ener1 (HEV) is still a development stage company so earnings aren’t all that important yet, but for those interested in the quarter, they missed Wall St estimates by a bit. The company did report another big gain in revenues quarter over quarter, posting 7.5 million, but is still far off from being profitable. The company posted a loss of .11/share vs analyst estimates of .10/share. What’s more important than all the earnings right now is … Read the rest
The government has dished out the funds for advanced battery research and development and the winners are….
Johnson Controls (JCI) – $300 million
A123 Systems – $249 million
General Motors (GM) – $240 million
EnerDel (HEV) – $118.5 million
Ford (F) – 92.7 million
Chrysler – $70 million
UQM Technologies (UQM) – $45 million
Exide (XIDE) – $34 million
Tomorrow morning the government will announce the recipients of $2 billion in stimulus funds for advanced battery research and development. Privately held A123 Systems is expected to receive a portion of the funds and publicly traded Ener1 (HEV) may receive funds as well which could give a boost to the stock tomorrow. VP Joe Biden is expected to announce the winners in an event in Detroit while Energy Secretary Steven Chu is expected to … Read the rest
Yesterday in the Washington Post, General Electric (GE) CEO Jeff Immelt and famed venture capitalist John Doerr wrote an op ed piece highlighting the failure of the US to take the lead in green energy and the emergence of China as the leader.
Some interesting facts:
– China cars are 35% more fuel efficient
– they spend 10x what the US does as a % of GDP on green energy
– China on track to … Read the rest