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EnerDel, the advanced automotive battery systems division of alternative energy company Ener1, Inc. (BULLETIN BOARD: ENEI) , today announced its progress toward meeting the lithium-ion battery system deliverables schedule under a supply contract with Think Global.
EnerDel has delivered the first mechanical prototype of the lithium-ion battery pack for the new TH!NK City vehicle for form and fit evaluation. The pack has been installed in a sample vehicle, which the Norwegian company delivered to EnerDel's Indianapolis facility last week.
Through the end of April, EnerDel will deliver additional functional prototype packs that will be tested at EnerDel, evaluated in the sample electric vehicle, and undergo third-party performance assessment. Before the end of the first half of the year, EnerDel expects to have its electric vehicle battery pack operating in the TH!NK City. EnerDel is providing a total systems solution for the battery pack, including cells, electronics and vehicle integration.
"We have an aggressive time-to-market schedule for providing the lithium- ion battery solution for the world's leading electric vehicle," said EnerDel CEO Ulrik Grape. "The testing phase is now commencing and we are confident that we will provide production of the TH!NK City battery on schedule by the end of 2008."
"We are very pleased with the progress EnerDel and Think have made together on the lithium-ion battery solution," commented Think President and CEO Jan-Olaf Willums.
EnerDel is increasing capacity for volume production of the lithium-ion battery system for Think, including by tapping the company's close relationship with ITOCHU Corporation. As the global leader in the provision of automotive battery-making equipment, ITOCHU serves as a strategic partner of Ener1 for the development of manufacturing capacity. ITOCHU provided venture-round funding to Ener1 in 2003.
"Based on the size and scope of Think's aggressive business plan, battery manufacturing capacity is the crucial issue that we are tackling right now," said Ener1 Chairman Charles Gassenheimer. "Cooperation with ITOCHU will significantly contribute to scaling up production capacity to meet our Norwegian partner's battery demands."
EnerDel is owned by Ener1, Inc. (80.5%) and Delphi Corporation (19.5%). EnerDel has a production facility in Indianapolis, Indiana. EnerDel currently employs approximately 65 highly experienced engineers and technicians involved in the battery development of both cells and systems. For more information, please visit: www.enerdel.com.
About Ener1, Inc.
Ener1, Inc. (BULLETIN BOARD: ENEI) is a demand-side alternative energy technology company that is developing 1) lithium-ion batteries for hybrid and electric vehicles (HEV, PHEV and EV) at its 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 www.ener1.com and or call 954-556-4020.
About THINK Global
Think designs, develops, manufactures and markets environmentally friendly vehicles and technologies. The company has more than 17 years of experience in developing and producing electric vehicles. Today, 1,200 TH!NKs are driving on Norwegian roads. The new TH!NK City is a fifth generation electrical vehicle assembled at Aurskog, Norway. Series production of the car started late last year and the first cars will be delivered to Norwegian customers. Later this year, the car will be launched in selected markets in Europe. The capacity of its first assembly plant in Aurskog outside Oslo, Norway is presently being increased to 10,000 cars per year, which Think expects to reach during 2009. Strong owners with visions and resources want to make Think the "car company of the 21st century". For more info: www.think.no.
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Michael Mason (investor relations)
Allen & Caron Inc.
212 691 8087
Jerry Herlihy (Ener1)
954 556-4020 x310
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