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

180 Degree Capital Corp. Appoints Investment Banking Veteran Parker Weil to Its Board of Directors August 2nd, 2017

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

Announcements

GLOBALFOUNDRIES Delivers 8SW RF SOI Technology for Next-Generation Mobile and 5G Applications: Advanced 8SW 300mm SOI technology enables cost-effective, high-performance RF front-end modules for 4G LTE mobile and sub-6GHz 5G applications September 20th, 2017

GLOBALFOUNDRIES Unveils Vision and Roadmap for Next-Generation 5G Applications: Technology platforms are uniquely positioned to enable a new era of ‘connected intelligence’ with the transition to 5G September 20th, 2017

GLOBALFOUNDRIES Delivers Custom 14nm FinFET Technology for IBM Systems: Jointly developed 14HP process is world’s only technology that leverages both FinFET and SOI September 20th, 2017

GLOBALFOUNDRIES Introduces New 12nm FinFET Technology for High-Performance Applications September 20th, 2017

Energy

Copper catalyst yields high efficiency CO2-to-fuels conversion: Berkeley Lab scientists discover critical role of nanoparticle transformation September 20th, 2017

Solar-to-fuel system recycles CO2 to make ethanol and ethylene: Berkeley Lab advance is first demonstration of efficient, light-powered production of fuel via artificial photosynthesis September 19th, 2017

Insect eyes inspire new solar cell design from Stanford August 31st, 2017

The power of perovskite: OIST researchers improve perovskite-based technology in the entire energy cycle, from solar cells harnessing power to LED diodes to light the screens of future electronic devices and other lighting applications August 18th, 2017

Automotive/Transportation

GLOBALFOUNDRIES Announces Availability of Embedded MRAM on Leading 22FDX® FD-SOI Platform: Advanced embedded non-volatile memory solution delivers ‘connected intelligence’ by expanding SoC capabilities on the 22nm process node September 20th, 2017

GLOBALFOUNDRIES Introduces New 12nm FinFET Technology for High-Performance Applications September 20th, 2017

More durable, less expensive fuel cells: University of Delaware researchers have developed a new technology that could speed up the commercialization of fuel cell vehicles September 5th, 2017

High-tech electronics made from autumn leaves: New process converts biomass waste into useful electronic devices August 30th, 2017

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

How to draw electricity from the bloodstream: A one-dimensional fluidic nanogenerator with a high power-conversion efficiency September 11th, 2017

A revolution in lithium-ion batteries is becoming more realistic September 5th, 2017

High-tech electronics made from autumn leaves: New process converts biomass waste into useful electronic devices August 30th, 2017

Candy cane supercapacitor could enable fast charging of mobile phones August 17th, 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