Several weeks ago, Solyndra became the biggest blight of Obama’s green energy initiative not long after questions were raised about the cash dumped into Evergreen Solar which too ultimately failed, but it doesn’t and won’t end at solar. On Sunday night, Beacon Power (BCON), which makes flywheel technology to recycle unused power, filed for bankruptcy protection.
Granted Beacon’s loan guarantee was less than a 1/10th of Solyndra’s at $43 million of which $39 million … Read the rest
Ener1 (HEV) is announcing a lithium ion battery cells distribution deal with the leading high performance electric motorcycle manufacturer, Lightning SuperBike. They will also eventually supply cells for Lightning’s commuter bikes and scooters which will be developed over the next few years. Lightning is expected to come out with a street legal version of its record breaking high speed bike soon.
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"We’ve tested many different battery … Read the rest
Ener1 (HEV) and Wanxiang Electric Vehicle Co. announced that the Chinese government has approved their joint venture to co-manufacture lithium-ion storage energy systems for the China market. The new company will initially focus on fulfilling existing contracts with State Grid, the largest power supplier in China. The projects include electric buses and cars as well as grid storage systems. In the future, the joint venture company could fulfill orders for other customers such as SAIC … Read the rest
Shares of Ener1 (HEV) are getting a nice boost in pre-market trading after the company reported much better than expected earnings results last night. Surprisingly, the company didn’t post its EPS number, but revenues were much better than the analyst estimate of $24.5 million at $33 million (a 200% increase over the year ago quarter). I’ll update this post with the EPS number as soon as it’s available, but I’d expect it to be much … Read the rest
It was a good day for US based electric car stocks today, particularly Tesla Motors (TSLA) which surged nearly 7% on news that Michigan Senator Debbie Stabenow wants to replace the $7500 tax credit for electric vehicles with an instant $7500 rebate.
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With the cost of electric cars out of the reach of most Americans, particularly in tough economic times, a bill like this would help … Read the rest
Shares of Ener1 (HEV) are soaring today after they announced a joint venture with China’s leading auto parts supplier to co-manufacture lithium cells and battery packs for the Chinese market. The joint venture with Wanxiang Electric called Zhejiang Wanxiang Ener1 Power System Co in which Wanxiang will have a 60% majority stake aims to produce 40,000 battery packs a year for electric cars by 2014.
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“We … Read the rest
Today it was announced that Volvo’s C30 electric car which is powered by an Ener1 (HEV) lithium battery, achieved an important milestone. During the North American International Auto Show, Volvo CEO Stefan Jacoby unveiled a crash tested C30 following a two development program between the two companies. A test fleet of the electric vehicles will hit the road here in the states this year and the media will have an opportunity to test drive … Read the rest
Ener1 (HEV) is announcing a significant contract with the Russian Federal Grid Company to co-develop utility scale lithium battery storage systems. The initial phase of the $40 million contract is already underway and focuses on grid integration of emergency power back up systems in economically critical areas. The Russian government is spending billions to upgrade its electrical infrastructure ahead of the Winter Games in 2014, so this may be the first of a few contracts … Read the rest
Ener1 (HEV) has announced plans to restructure into three segments to better capitalize on opportunities and increase efficiency – transportation, utility grid and small format products. Each segment will have its own president with changes applied across the world.
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"We have moved to match our functional structure with the growing differentiation and segmentation within this highly dynamic industry," said Ener1 Chairman and CEO Charles Gassenheimer. … Read the rest
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 … Read the rest