Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Ener1 Completes $32 Million Equity Placement

Abstract:
Ener1, Inc. (BULLETIN BOARD: ENEI) , an alternative energy company, today announced completion of a $32 million common equity private placement with a group of six major financial institutions and an alternative energy investment trust.

Ener1 Completes $32 Million Equity Placement

FORT LAUDERDALE, FL | Posted on November 20th, 2007

The company sold 64 million shares of common stock and issued warrants to purchase 57.6 million shares of common stock at an exercise price of $0.75 per share. The warrants can be exercised for a period of 180 days following the closing. If exercised, the short-term warrants will provide an additional $43 million, for a total of $75 million of equity capital at an average price of $0.62 per share.

"This vote of confidence from some of the largest financial investors in the world solidifies our balance sheet and puts Ener1 in the game to compete for contracts with the biggest players in the automotive market," commented company chairman Charles Gassenheimer. "In particular, this makes our EnerDel battery division more competitive to win major new hybrid, plug-in hybrid and electric vehicle (HEV, PHEV and EV) contracts."

EnerDel will demonstrate a hybrid electric vehicle with a working EnerDel Lithium ion battery at the International Electric Vehicle Symposium and Exposition (EVS-23) December 2-5 in Anaheim, California (visit http://www.electricdrive.org/evs23/ ). EnerDel is also scheduled to deliver a prototype electric vehicle battery to Think Global of Norway in March 2008 under a $70 million production contract.

Transaction proceeds will be used to fund the continued development and commercialization of Ener1's alternative energy generation and energy storage businesses. The company may also use the proceeds of any warrant exercises to purchase some or all of the remaining senior secured convertible debentures, potentially eliminating up to 40 million shares of dilution.

"We believe that this transaction resolves any uncertainty about our future financing activity," commented Mr. Gassenheimer. "We have now positioned Ener1 to list on a major stock exchange and we will have normal access to the capital markets in the future."

As a follow up to the chairman's letter to shareholders last week, Ener1 is on track to present a balance sheet with positive shareholders' equity. On a pro forma basis, shareholders' equity would be a positive $38 million if the warrants were exercised; the shareholders' deficit was $(75) million in January 2006 when the current management team took over.

Stonegate Securities acted as the placement agent for the transaction.

####

About Ener1, Inc.
Ener1, Inc. (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

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 the 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.

For more information, please click here

Contacts:
For further details contact:
Jerry Herlihy
Ener1, Inc.
(954) 556-4020


For media inquiries:
Victor Webb/Madlene Olson
Marston Webb International
(212) 684-6601

Copyright © PR Newswire Association LLC.

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

Forge Nano 2017: 1st Quarter Media Update April 20th, 2017

180 Degree Capital Corp. Announces the Start of Kevin Rendino as Chairman and Chief Executive Officer and Completion of its Transition to a Registered Closed-End Fund March 31st, 2017

Caught on camera -- chemical reactions 'filmed' at the single-molecule level March 22nd, 2017

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Announcements

Ag/ZnO-Nanorods Schottky diodes based UV-PDs are fabricated and tested May 26th, 2017

New metamaterial-enhanced MRI technique tested on humans May 26th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

Unveiling the quantum necklace: Researchers simulate quantum necklace-like structures in superfluids May 26th, 2017

Energy

Three-dimensional graphene: Experiment at BESSY II shows that optical properties are tuneable May 24th, 2017

Stanford scientists use nanotechnology to boost the performance of key industrial catalyst May 18th, 2017

Fed grant backs nanofiber development: Rice University joins Department of Energy 'Next Generation Machines' initiative May 10th, 2017

Discovery of new transparent thin film material could improve electronics and solar cells: Conductivity is highest-ever for thin film oxide semiconductor material May 6th, 2017

Automotive/Transportation

GLOBALFOUNDRIES and Chengdu Partner to Expand FD-SOI Ecosystem in China: More than $100M investment to establish a center of excellence for FDXTM FD-SOI design May 23rd, 2017

Stanford scientists use nanotechnology to boost the performance of key industrial catalyst May 18th, 2017

Self-healing tech charges up performance for silicon-containing battery anodes May 15th, 2017

UnitySC Announces Wafer Thinning Inspection System; Win from Power Semiconductor IDM for Automotive: Leading IDM Selects New 4See Series Automated Defect Inspection Platform for Power Semiconductor Automotive Applications May 11th, 2017

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics/Energy storage

Graphene-nanotube hybrid boosts lithium metal batteries: Rice University prototypes store 3 times the energy of lithium-ion batteries May 19th, 2017

Self-healing tech charges up performance for silicon-containing battery anodes May 15th, 2017

Gas gives laser-induced graphene super properties: Rice University study shows inexpensive material can be superhydrophilic or superhydrophobic May 15th, 2017

Is this the 'holey' grail of batteries? May 12th, 2017

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project