Citron Research just released a  report on Ener1 (HEV) declaring that the company “has no path to profitability and no evidence of widespread commercial acceptance of their product.”

Citron goes on to say that this “corporate shell” company has a history of failed businesses based on exaggerated promises which include everything from video games to visualization software to set top boxes. 

They just got into the lithium battery business by purchasing Delphi’s years old attempt to get a battery going but appear to only have one suspect deal with Th!nk Vehicles of Norway which are expected to begin selling in the US. 

This won’t be the first time a suspect company attempts to capitalize on a hot industry and certainly won’t be the last.  It’s one reason why clean energy ETF’s are a good diversified way to play green energy.  Outside of a few solar companies and perhaps a few large utilities (wind power) it’s just too early too tell the leaders from the pretenders.  It will be interesting to follow the HEV story and we’ll keep you posted here!