Lithium-ion Battery Maker Ener1 Raises $20M

Dec 21 2009 | 10:49am ET

Large-format lithium-ion battery maker Ener1, Inc. has received $20 million in fresh investment capital from ITOCHU Corporation, a Japanese commercial trading giant with deep ties in the automotive, utility and renewable energy industries. ITOCHU purchased 3.2 million shares of common stock from Ener1 at a price of $6.18 per share.

Ener1 produces high-performance battery systems for the automotive and electric utility markets through its EnerDel subsidiary in Indianapolis, Indiana. In August, the company received a $118 million cost-share grant from the U.S. Department of Energy, which will be used to help double the company’s domestic production capacity.

“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,” said  Charles Gassenheimer, Ener1 chairman and CEO, in a statement. “Their deeply rooted relationships with many of the world’s leading companies involved in grid storage and electric drive continues to foster new relationships and open doors to compelling commercial opportunities.”

Ener1 and ITOCHU are already partnering with Mazda Corporation and the THINK electric car maker in a project to link grid storage, electric vehicles, recharging infrastructure and solar power. The two are also involved in a project to convert Japanese postal trucks in the Kanagawa and Tokyo Prefectures.

Ener1 develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid, plug-in hybrid and pure electric vehicles. In addition to the automobile market, applications for Ener1 lithium-ion battery technology include the military, grid storage and other growing markets.

Ener1also develops commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary.


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.