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Ener1, Inc. today announced that it has signed a technology license agreement with ITOCHU Corporation that will grant Ener1 an exclusive world-wide license to certain "know-how" developed by EnerStruct and a certain patent and patent applications of EnerStruct and ITOCHU regarding lithium ion battery technology. EnerStruct, a joint venture between Ener1 and ITOCHU, has successfully completed the development of lithium ion materials and manufacturing processes which are now in use in EnerDel's battery operations.
Under the terms of the transaction, Ener1 will pay 180 million yen (approximately U.S. $1.5 million) to ITOCHU through the issuance of 3,333,333 shares of Ener1, Inc common stock priced at 30 cents per share and a payment obligation in the amount of $519,885 payable in installments over ten months. In addition, ITOCHU has signed a lock-up agreement restricting the sale of Ener1 common stock held by ITOCHU until March 31, 2008. Ener1 is forming a new subsidiary, EnerDel (Japan), Inc., to continue its Japanese operations while retaining key employees of EnerStruct.
Mr. Yutaka Kato, Chief Operating Officer of ITOCHU Corporation Industrial Machinery Division, commented, "We are very pleased with the success of this technology venture, and look forward to continuing our strategic relationship as an investor in and business partner with Ener1."
Charles Gassenheimer, Vice Chairman of Ener1, stated, "EnerStruct has been a very successful technology development vehicle for both Ener1 and ITOCHU. It has developed materials and processes that are critical to the success of our lithium ion battery development at EnerDel. We thank ITOCHU and the employees of EnerStruct for their tireless efforts during these past two years. We look forward to our continuing strategic relationship with our Japanese partners, who have been instrumental to our success to date."
About Ener1, Inc.
Ener1, Inc. 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, 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
This release contains forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995 conveying management 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: the Company's ability to achieve the milestones upon which funding from its controlling shareholder is conditioned; EnerDel's ability to succeed as a supplier of batteries to the hybrid electric vehicle and other markets; Ener1's ability to successfully develop and market proposed lithium battery, fuel cell and nanotechnology-based products and services; the degree of competition in the markets for lithium battery, fuel cell and nanotechnology-based products and services; Ener1's history of operating losses; EnerFuel's ability to complete the development of and sell the surveillance camera; 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 filings made 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.
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For further details contact: For media inquiries:
Jerry Herlihy Victor Webb/Madlene Olson
Ener1, Inc. Marston Webb International
T: (954) 556-4020 T: (212) 684-6601
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