Johnson Controls released its results last week for the first quarter of fiscal year 2009. The company performed below analysts’ expectations, posting a net loss of $608 million, which breaks down to $1.02 per share. Last year, the company posted a net profit of $235 million or .39 per share. Revenue also plummeted to $7.34 billion, a decrease of 23 percent from last year’s $9.48 billion.
On a non-GAAP basis, the company still posted a … Read the rest
Johnson Controls-Saft has a new 5 year supply agreement with Azure Dynamics, Inc. Under the contract, Johnson Controls-Saft will supply Azure Dynamics with 20,000 lithium-ion batteries to power hybrid delivery trucks and other commercial vehicles. The battery cells will be produced at Saft’s plant in France and then shipped to the US, where Johnson Controls will assemble them into a hybrid battery. The first of these batteries should be on the road in 2010.
Think City just announced that it has received a $5.69 million bridge loan from investors, saving it (at least for now) from bankruptcy. Not surprisingly, the majority of the money is coming from Ener1.
Ener1 has a $70 million battery supply contract with the troubled electric car company. Will the financing help? Reuters quotes a written statement from Think:
… Read the rest"The financing will allow Think to focus its efforts towards the next stages of the restructuring
According to analysts at MDB Capital, if you’re holding on to Ener1 stock, now may be the time to let it go. The reason? Think Global, Ener1’s major customer, has run into some financial difficulties. Here’s a quote from the analysts published on StreetInsider.com:
… Read the rest"Think Global, Ener1’s most important near-term customer, announced it was temporarily halting production of its Think City electric vehicle due to working capital constraints. The company, which unsuccessfully approached the
This is great news for the advancement of electric vehicles. Fourteen US companies have formed an alliance with a government laboratory called the National Alliance for Advanced Transportation Battery Cell Manufacture with the goal of the advancement of lithium batteries. The fragmented US battery industry has had a difficult time keeping up with their Asian counterparts. As battery consultant Ralph Brodd says, “(Other) countries understand that he who makes the batteries will one day make … Read the rest
With the Obama administration just weeks away from move in day, there are quite a few articles out there being written about ways to play the coming infrastructure and green energy boom. Much has been made of Obama’s plan to decrease our dependence on foreign oil and to a lesser degree, plans to spend big on infrastructure. Certainly infrastructure and green energy will be two big themes over the next 4 years and possibly beyond, … Read the rest
Valence Technology (VLNC) which develops safe lithium phosphate energy storage systems, is announcing today a multi year non exclusive supply agreement with PVI, a French commercial electric vehicle manufacturer. VLNC will provide its U-Charge XP Energy Storage System and engineering support to power 4 commercial EV platforms and will begin shipments late next year, which could add $3 million in revenue in 2010.
“This is a major milestone in our company’s history,” said Alastair … Read the rest
Valence Technology, Inc announced today that the Opposition Board of the European Patent Office has revoked the University of Texas’ European patent for lithium metal phosphates on the basis of lack of novelty. This decision is good news for Valence because it allows the company to further develop and market its own proprietary lithium iron magnesium phosphate cathode material for electric car batteries. However, UT could choose to appeal the decision.
In the press release, … Read the rest
Ener1 reported today that its subsidiary, EnerDel, has moved to the next phase in its contract with the Department of Defense. Under the contract, EnerDel is helping the Pentagon develop high performance lithium-ion batteries for unmanned aerial vehicles, or UAV’s.
In September, EnerDel was awarded $4 million to create "lightweight, high-performance battery solutions" for military use. Now, EnerDel has received a Phase 2 award of $1.46 million to develop a complimentary anode for the … Read the rest
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 … Read the rest