BorgWarner and UQM just announced that they will combine their powers to develop electric powertrain products for HEVs and EVs. They intend to start out their partnership by working on a mashup of UQM Technologies’ PowerPhase® electric propulsion system and BorgWarner’s 31-03 eGearDrive™ transmission for the Coda electric car. The Coda is expected to be out in California next year.
This combo should provide the Coda with 2,000 Nm (1,500 ft-lbs) of torque with a … 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
The government has dished out the funds for advanced battery research and development and the winners are….
Johnson Controls (JCI) – $300 million
A123 Systems – $249 million
General Motors (GM) – $240 million
EnerDel (HEV) – $118.5 million
Ford (F) – 92.7 million
Chrysler – $70 million
UQM Technologies (UQM) – $45 million
Exide (XIDE) – $34 million
Tomorrow morning the government will announce the recipients of $2 billion in stimulus funds for advanced battery research and development. Privately held A123 Systems is expected to receive a portion of the funds and publicly traded Ener1 (HEV) may receive funds as well which could give a boost to the stock tomorrow. VP Joe Biden is expected to announce the winners in an event in Detroit while Energy Secretary Steven Chu is expected to … Read the rest
Ener1 just announced that its subsidiary, Enerdel, will be working with Nissan to research a new type of electrical conductive material. The material will be used to make better batteries for hybrids. The companies will research a new type of electrolyte at the Argonne National Laboratory.
In a press release, Ener1 executives commented on the project:
“This project is about continuing the evolution of a critical technology,” said Charles Gassenheimer, CEO and Chairman of … Read the rest
Well, here’s some good news for Ener1 and Think: Think’s electric drivetrain, which is powered by Ener1’s lithium-ion batteries, has been selected by Zero Sports of Japan to help them convert Japan Post’s fleet to electric vehicles. Think’s drivetrain is being used to turn existing gasoline trucks into electric vehicles. Japan Post plans to convert 25% of its fleet to run entirely on electricity.
In a company press release, Ener1 CEO and Chairman Charles … Read the rest
Volvo has chosen Ener1’s lithium-ion batteries for its plug-in hybrid V70 demonstration cars. These cars are being tested in Europe as part of a program to deliver a commercial plug-in hybrid by 2012. The demonstration cars can go for 31 miles on a single charge, and can draw power from a normal household outlet. For long distance trips, the car uses an integrated diesel engine.
Enerdel, Ener1’s manufacturing arm, created the batteries especially for the … Read the rest
EnerDel just announced that they have signed a contract to supply AC Transit with lithium-ion batteries for buses. AC Transit is buying 16 new hybrid electric fuel cell buses, and EnerDel will supply advanced battery systems for all 16 of them. The buses will be powered by lithium batteries and tanks of hydrogen that fit on top of the vehicles.
In a press release, executives from both AC Transit and EnerDel commented on the deal: … Read the rest
Yesterday MDB Capital downgraded EnerDel (HEV) from Buy to Hold based on valuation.
Hat tip to Street Insider
MDB analyst says, “We believe that the company is continuing to build a solid pipeline of potential customers including the possible reemergence of Think Global. This pipeline (including Fisker Automotive) will likely provide the company with significant revenue growth beginning in the back half of calendar 2009. We are maintaining our earnings model for calendar 2010 with … Read the rest