Ener1 (HEV), the developer of lithium ion technology for electric cars, reported a 4th quarter revenue surge but the development stage company continues to rack up losses on the earnings side of the coin. The company reported record quarterly revenue of $6.3 million but lost .12/share in the quarter due to an increase in R&D and admin costs.
The company finished 08 with $14 million in cash along with a $30 million loan facility to … Read the rest
Ener1 (HEV), maker of lithium ion batteries has signed a memorandum of understanding with ITOCHU of Japan to outline a partnership that would introduce HEV products into the Japanese automotive marketplace. ITOCHU will serve as Ener1’s sales, marketing and development partner for both Japanese auto OEM’s and Tier One suppliers. The agreement also sets the stage for ITOCHU to introduce HEV batteries as an energy storage solution for the solar power market.
“Today’s announcement marks … Read the rest
Enerdel has a new Chief Technology Officer, Cyrus Ashtiani. Ashtiani comes with a glowing set of qualifications: 14 years of experience, 11 patents in the industry, and a wealth of experience that includes putting the first lithium-ion battery into a hybrid vehicle.
From Ener1’s press release, here is Dr. Ashtiani commenting on why he’s joining forces with Ener1, as well as more information about his accomplishments:
… Read the rest"This is a vital time for the industry.
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
Ener1 (HEV) has applied for a $480 million low interest loan from the government as a part of a federal program called the Advanced Technology Vehicle Manufacturing Incentive Program to spur the development of the next generation of electric vehicles. The $25 billion program, administered by the Dept of Energy will be used to aid auto companies in the retooling of their manufacturing facilities to improve auto efficiencies.
If the funds are granted, it will … Read the rest
Ener1 (HEV), the lithium battery maker who is a supplier for Th!nk electric vehicles of Norway has indicated it’s secured a $30 million line of credit from its principal investor, Ener1 Group that will keep the company fully funded through 2009. Terms of the financing are still being finalized. The company has also confirmed that it remains on schedule to deliver its lithium ion batteries to Th!nk electric which will begin selling its vehicles commercially … Read the rest
Ener1 (HEV) is announcing an important relationship with a heavy duty OEM manufacturer and the Department of Energy to develop lithium ion batteries for hybrid buses and other heavy duty vehicles. It’s not a big deal in terms of monetary compensation at just 1.25 million, but it’s a clear vote of confidence in Ener1 (HEV) which will test their battery technologies under a variety of real world conditions.
“Ener1 has some of the world’s leading … Read the rest
Floyd Associates, a privately held consulting firm is out with a research report on the future of electric cars (disclaimer: FA is involved with business development of Phoenix Motorcars) which isn’t all that detailed but provides a good primer on the technologies involved and some of the smaller players hoping to emerge as future leaders of the electric car industry (or sell their technologies to existing major auto companies). Below is an outline of the … 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
According to StreetInsider.com, MDB Capital is upgrading Ener1 (HEV) this morning from Hold to Buy and increased the price target from $7.50 to $10. The analyst believes that HEV will meet or exceed its 09 volume commitment for the Think vehicle and is positioned for significant growth based on..
– the recent purchase of Enertech
– the beginning of shipments of its battery pack to Think Global as part of a $70 million contract… Read the rest