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Ener1, Inc.(Amex: HEV), an energy storage solutions company, today reported that its
lithium-ion battery subsidiary, EnerDel, has installed and demonstrated a
fully functional lithium-ion battery pack in a Th!nk City electric vehicle at
its manufacturing facility in Indianapolis. The integration of the battery
pack into a Th!nk City EV was completed ahead of the schedule previously
announced by EnerDel. The successful completion of this milestone indicates
that EnerDel is on schedule to meet the year-end timetable for volume
production under its supply agreement with Think Global of Oslo, Norway.
EnerDel delivered three functional 27 kWh lithium-ion battery packs to
Think Global earlier this year for testing. Both companies are working to meet
the scheduled roll-out of pre-production units over the next three months.
"This is a very exciting program to be involved in, with an aggressive
time to market schedule," commented EnerDel CEO Ulrik Grape. "Our
collaboration with Think to develop a battery solution for the leading
electric vehicle worldwide, the Th!nk City, has been rewarding. A lot of work
remains both in terms of testing and evaluation, but we anticipate that we
will be able to meet the schedule set by our supply agreement to begin
production of integrated battery packs by the end of this year."
"We are very pleased with the progress EnerDel and Think have made on the
lithium-ion battery solution for the Th!nk City vehicle," said Think Global
CEO Jan-Olaf Willums. "EnerDel has achieved an important milestone and met
our expectations so far. We are confident that the project is on schedule to
introduce the EnerDel battery in production vehicles by the end of the year."
Certain statements made in this press release constitute forward-looking
statements that are based on management's expectations, estimates, projections
and assumptions. Words such as "expects," "anticipates," "plans," "believes,"
"scheduled," "estimates" and variations of these words and similar expressions
are intended to identify forward-looking statements. Forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These statements are not
guarantees of future performance and involve certain risks and uncertainties,
which are difficult to predict. Therefore, actual future results and trends
may differ materially from what is forecast in forward-looking statements due
to a variety of factors. All forward-looking statements speak only as of the
date of this press release and the company does not undertake any obligation
to update or publicly release any revisions to forward-looking statements to
reflect events, circumstances or changes in expectations after the date of
this press release.
About Ener1, Inc.
Ener1, Inc. (Amex: HEV) is an energy storage solutions company that is
developing and commercializing advanced, high-performance safe lithium-ion
(Li-ion) batteries for hybrid electric vehicles (HEVs), plug-in HEVs (PHEVs)
and electric vehicles (EVs). Ener1 is also developing commercial fuel cell
products through its EnerFuel subsidiary and nanotechnology-based materials
and manufacturing processes for batteries and other applications through its
NanoEner subsidiary. For more information, visit www.ener1.com and
www.enerdel.com or call (212) 920-3500.
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 are delivered to Scandinavian 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 .
For more information, please click here
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