Home > Press > Ener1 Group, Inc. Raises $2.0 Million in Private Placement
Ener1 Group,Inc. and Ener1, Inc. (OTC Bulletin Board: ENEI) -- Ener1 Group, Inc. completed a private placement of $2.0 million principal amount of debentures to an institutional hedge fund. The debentures are exchangeable, at the election of the investor, into 8.0 million shares of common stock of Ener1, Inc. owned by Ener1 Group. The debentures bear an annual interest rate of ten percent and are due May 10, 2008. Ener1 Group is required to invest $1.6 million of the proceeds in Ener1, Inc., within 30 days of the closing. Ener1 Group also issued warrants to the investor to purchase up to 4.8 million shares of Ener1, Inc. common stock owned by Ener1 Group; the warrants have an exercise price of $0.30 per share and a term of five years. Ener1, Inc. has agreed to file a registration statement to register the resale of the common stock underlying the convertible debentures and warrants within 30 days. Ener1 Group's obligations under the debentures are secured by a pledge of 10.0 million shares of Ener1, Inc. common stock owned by Ener1 Group.
Ener1 Group, Inc. Raises $2.0 Million in Private Placement
FORT LAUDERDALE, FL | Posted on May 14th, 2007
"Ener1 has continued to show that sophisticated financial institutions
want to invest in the future of our alternative energy technology company.
We appreciate the confidence that these investors have in our business and
management team," stated Charles Gassenheimer, Vice Chairman of Ener1, Inc.
About Ener1 Group, Inc.
Ener1 Group is a privately held global investment firm with offices in
Ft. Lauderdale, Florida and New York City. The firm's assets include
ownership in portfolio companies in a variety of technology and
technology-driven industries. For more information about Ener1 Group, Inc.,
visit http://www.ener1group.com , or call 954-556-4020.
About Ener1, Inc.
Ener1, Inc. (OTC Bulletin Board: ENEI) is an alternative energy
technology company that is developing 1) lithium ion batteries for hybrid
electric vehicles (HEV) at its 80.5% owned EnerDel subsidiary through
corporate ventures and strategic partnerships with Delphi, ITOCHU and
EnerStruct, 2) commercial fuel cell products through its EnerFuel
subsidiary, and 3) nanotechnology-based materials and manufacturing
processes for batteries and other applications at its NanoEner subsidiary.
For more information, visit http://www.ener1.com or call 954-556-4020.
Safe Harbor Statement (Ener1, Inc.)
This release contains forward-looking statements within the meaning of
the Federal Private Securities Litigation Reform Act of 1995 conveying
management's expectations as to the future based on plans, estimates and
projections at the time the statements are made. The forward-looking
statements contained in this press release involve risks and uncertainties,
including, but not necessarily limited to: Ener1's ability to succeed as a
supplier of batteries to the hybrid electric vehicle and other markets;
Ener1's plans to reduce costs and gain a competitive advantage by
consolidating manufacturing operations and implementing automated
production processes; charges Ener1 will incur in connection with
consolidating manufacturing operations; EnerFuel's ability to develop and
sell products and services in its planned markets; the degree of
competition in the markets for lithium battery, fuel cell and
nanotechnology-based products and services, Ener1's history of operating
losses, the lack of operating history for the development stage Ener1
businesses, the need for additional capital, the dependency upon key
personnel and other risks detailed in Ener1's filings from time to time
with the Securities and Exchange Commission. These risks and uncertainties
could cause actual results or performance to differ materially from any
future results or performance expressed or implied in the forward- looking
statements included in this release. Ener1 undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
For more information, please click here
500 W. Cypress Creek Rd.
Ft. Lauderdale, Fl 33309
5 Penn Plaza
New York NY 10001
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