EnerDel just announced that it will be collaborating with ITOCHU Corporation on another smart grid battery storage project, this time for a major Tokyo apartment building. The system will link renewable, high speed charging outlets for electric cars with the power grid, and is the second such project the two companies have undertaken together.
The apartment building is new-residents are scheduled to start moving in in 2011. ITOCHU plans to build the grid storage systems, … Read the rest
Back in May we reported that Fisker was in talks with EnerDel to discuss the possibility of using their lithium batteries, but apparently those talks have now ended. The two companies signed a letter of intent for a potential long term deal that was contingent upon reliability and performance testing, so this is certainly a blow to EnerDel and the stock is down 17% on the news. The company will still be the supplier for … Read the rest
By Jeff Siegel of GreenChipStocks.com
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In the 1973 movie Papillon (adapted from the 1969 French novel by Henri Charriere), there’s a scene where Papillon is considering jumping off a cliff to escape the island on which he is being imprisoned. His friend Dega says, “It seems so desperate. You think it will work?”
And Papillon replies, “Does it matter?”
Papillon had two options: Stay on the island and … Read the rest
Ener1 just announced that the company has received a $20 million strategic equity investment from Japanese commercial trading company ITOCHU Corporation. ITOCHU purchased 3.2 million shares of Ener1 common stock, paying $6.18 per share.
In a press release, Ener1 Chairman and CEO Charles Gassenheimer commented on the news:
“ITOCHU has been an invaluable strategic partner for Ener1, supplying capital at important phases in the company’s growth and granting vital access to materials and equipment. … Read the rest
Yesterday it was announced that Ener1 (HEV) will use a portion of the stimulus funds it received to purchase eight electric car power cycling and test systems from Aerovironment (AVAV) to expand the company’s test capabilities at its Indiana facility. The systems are designed to simulate real world driving by repeatedly charging and discharging the lithium batteries. No word on the financials of the deal.
Ener1 (HEV) is a late next year story, so earnings don’t mean too much right now, but the company did miss on both EPS and revenues after the bell today. The company reported a loss of .14/share (vs analyst estimates of a .10/share loss) on revenues of $8.1 million (vs analyst estimates of $9 million).
CEO Charles Gassenheimer focused on the future..
“Ener1 has seen a substantial uptick in customer inquiries over the past three … Read the rest
Deutsche Bank is initiating coverage on Ener1 Inc. (HEV) this morning with a Buy rating and price target of $11.
Hat tip to StreetInsider.com for the following analyst comment:
“Ener1’s technology is highly regarded, it has a strong management team, and we expect it to have similar capacity to its primary US competitors (i.e., JCI, A123, LG Chem) through mid-decade. Most importantly, the company has contracts that should generate an annual run-rate of $150+ million … Read the rest
The new Volvo C30 Electric Vehicle, the love child of Volvo and Ener1’s subsidiary EnerDel, will be making its debut in Gothenburg, Sweden today. The C30 is a zero emission electric car bmeant for city commuters. It has a 95 mile range between charges, so it can meet the needs of more than 90 percent of European commuters. The lithium-ion battery is made in the USA by Enerdel.
In a press release, Ulrik Grape, President … 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
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