Ener1 (HEV) Raises $65 Million For Manufacturing Expansion

Ener1 (HEV) announced this morning that it will sell $55 million of senior unsecured notes and common stock/warrants to certain investment funds as well as $10 million in senior convertible notes to partner ITOCHU Corporation. The company will use the funds for general purposes and manufacturing expansion to accommodate 11K battery packs at its facilities in Indianapolis. 

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“Ener1 has heavily invested in expanding its global manufacturing operations in response to the anticipated demand from the grid energy storage, transportation and small cell markets, allowing us to meet our growth objectives,” commented Chairman and CEO Charles Gassenheimer. “We are appreciative of the vote of confidence that our shareholders have placed in Ener1’s management team to execute its business plan.”

Shares of HEV are flat today, but have good support around the 2.80 range and this may be an area where it begins a new leg up.  Still too early to tell though. 

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