According to analysts at MDB Capital, if you’re holding on to Ener1 stock, now may be the time to let it go. The reason? Think Global, Ener1’s major customer, has run into some financial difficulties. Here’s a quote from the analysts published on StreetInsider.com:
"Think Global, Ener1’s most important near-term customer, announced it was temporarily halting production of its Think City electric vehicle due to working capital constraints. The company, which unsuccessfully approached the
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.
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.
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
Ener1 announced yesterday that it has signed a memorandum of understanding with Japanese power and utility giant Kyushu Electric Power (KEPCO). Per the memorandum of understanding, the two companies will work together to develop and produce rapid charging stands for electric vehicles. They will use KEPCO’s existing rapid charging station, already in use in Japan, as a base, and customize it with the EnerDel High Energy Pack System from Ener1. The new systems, expected to … 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
Ener1 (HEV), a development stage company in the business of lithium-ion batteries for plugin hybrid autos reported a narrow loss than in the year ago quarter with an EPS of -.08, compared to -.16. Revenues nearly doubled over the year ago quarter to $39K.
Some highlights from the quarter:
– received a purchase order to deliver 2 prototype plug-in hybrid lithium-ion battery packs in Feb 09 to a major European auto maker. HEV will also … Read the rest
Late last week, Ener1 (HEV) announced it has acquired an 83% interest in Enertech International, one of South Korea’s leading lithium ion battery cell producer. It’s intended to broaden Ener1’s production capabilities to take advantage of the global shift to more fuel efficient automobiles.
“Enertech is one of the largest lithium-ion battery producers in Korea, behind only LG Chemical and Samsung,” said Ener1 CEO Charles Gassenheimer. “This acquisition gives us immediate scale and volume … Read the rest
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