Nanotechnology Now

Our NanoNews Digest Sponsors


Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Lithium-Ion Battery Maker Ener1 Receives $20 Million Strategic Equity Investment from ITOCHU Corporation

Abstract:
Large-format lithium-ion battery maker Ener1, Inc. (Nasdaq: HEV) today announced that it has received $20 million in fresh investment capital from ITOCHU Corporation, a Japanese commercial trading giant with deep ties in the automotive, utility and renewable energy industries. ITOCHU purchased 3.2 million shares of common stock from Ener1 at a price of $6.18 per share.

Lithium-Ion Battery Maker Ener1 Receives $20 Million Strategic Equity Investment from ITOCHU Corporation

New York, NY | Posted on December 7th, 2009

"ITOCHU has been an invaluable strategic partner for Ener1, supplying capital at important phases in the company's growth and granting vital access to materials and equipment," said Ener1 Chairman and CEO Charles Gassenheimer. "Their deeply rooted relationships with many of the world's leading companies involved in grid storage and electric drive continues to foster new relationships and open doors to compelling commercial opportunities."

Ener1 produces high performance battery systems for the automotive and electric utility markets through its EnerDel subsidiary in Indianapolis, Indiana, which operates one of the most advanced production facilities of its kind in the world. In August, the company received a $118 million cost-share grant from the U.S. Department of Energy, which will be used to help double the company's domestic production capacity.

Recent announcements stemming from Ener1's partnership with ITOCHU include the first project in the world linking grid storage, electric vehicles, rapid recharging infrastructure and solar power, working alongside Mazda Corporation and Think Global electric vehicle company; the conversion of Japanese Postal trucks in the Kanagawa and Tokyo Prefectures; and the development of one of the world's most advanced rapid recharge technologies, working alongside Kyushu Electric Power (KEPCO), the fourth largest power and utility company in Japan.

"We are very excited that we can enhance the strategic partnership between Ener1 and ITOCHU that started in 2003," said Greg Kasagawa, Executive Officer and COO Aerospace and Electronics Division. "We believe that leading edge technologies which Ener1 companies hold and ITOCHU's global market reach will present excellent opportunities to create multiple applications and business models."

Separately, EnerDel has active relationships underway with automakers Think, Volvo, Mazda, Nissan and Fisker. Their battery packs are also being tested by the U.S. Department of Defense in a prototype hybrid Humvee. Last month, the company was chosen to supply the batteries that will power a DOE-funded smart grid energy storage project by Portland General Electric (PGE) that will help manage peak demand and smooth the variations in power from renewable sources like wind and solar.

SAFE HARBOR STATEMENT

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.

####

About Ener1
In the automotive industry and the energy sector as a whole, we are seeing an important paradigm shift. Ener1 is at the forefront of performance and efficiency-harnessing technologies for the automotive industry and beyond.

Spearheading the national movement towards domestic high-performance battery production, Ener1's business model is backed by strong research, development and production capabilities, and a prominent roster of strategic partnerships. The company is able to maintain end-to-end capabilities that are positioning it as an energy storage leader. In addition, our dynamic management team and board of directors bring the experience and expertise necessary to make our goal of becoming the leader in the energy storage space a reality.

For more information, please click here

Contacts:
www.ener1.com/?q=content/enerdel-contact

Copyright © PRNewswire

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

News and information

Tiny packages may pack powerful treatment for brain tumors: Nanocarrier provides efficient delivery of chemotherapeutic drug May 23rd, 2016

Two-stage nanoparticle delivery of piperlongumine and TRAIL anti-cancer therapy May 23rd, 2016

Rice de-icer gains anti-icing properties: Dual-function, graphene-based material good for aircraft, extreme environments May 23rd, 2016

Graphene makes rubber more rubbery May 23rd, 2016

Govt.-Legislation/Regulation/Funding/Policy

Programmable materials find strength in molecular repetition May 23rd, 2016

Rice de-icer gains anti-icing properties: Dual-function, graphene-based material good for aircraft, extreme environments May 23rd, 2016

ORNL demonstrates large-scale technique to produce quantum dots May 21st, 2016

Nanotubes are beacons in cancer-imaging technique: Rice University researchers use spectral triangulation to pinpoint location of tumors May 21st, 2016

Investments/IPO's/Splits

Nanometrics Announces Upcoming Investor Events May 10th, 2016

ORIG3N Added to Companies Presenting at Harris & Harris Group's Annual Meeting, Tuesday June 7, 2016, the New York Genome Center April 27th, 2016

Aspen Aerogels to Present at the 28th Annual ROTH Conference March 14th, 2016

Harris & Harris Group Announces Formation of Co-Investment Fund for Accredited Investors March 9th, 2016

Announcements

Physicists create first metamaterial with rewritable magnetic ordering May 23rd, 2016

Tiny packages may pack powerful treatment for brain tumors: Nanocarrier provides efficient delivery of chemotherapeutic drug May 23rd, 2016

Two-stage nanoparticle delivery of piperlongumine and TRAIL anti-cancer therapy May 23rd, 2016

Rice de-icer gains anti-icing properties: Dual-function, graphene-based material good for aircraft, extreme environments May 23rd, 2016

Energy

Technique improves the efficacy of fuel cells: Research demonstrates a new phase transition from metal to ionic conductor May 18th, 2016

This 'nanocavity' may improve ultrathin solar panels, video cameras and more May 16th, 2016

New research shows how silver could be the key to gold-standard flexible gadgets: Silver nanowires are an ideal material for current and future flexible touch-screen technologies May 13th, 2016

Distance wireless charging enhanced by magnetic metamaterials: A metamaterial shell is capable of multiplying transmission efficiency several times over May 13th, 2016

Automotive/Transportation

Technique improves the efficacy of fuel cells: Research demonstrates a new phase transition from metal to ionic conductor May 18th, 2016

A View Through Wood Shows Futuristic Applications: Transparent wood made at UMD could create new windows, cars and solar panels May 5th, 2016

Speedy ion conduction in solid electrolytes clears road for advanced energy devices May 5th, 2016

New spin Seebeck thermoelectric device with higher conversion efficiency created April 26th, 2016

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

Distance wireless charging enhanced by magnetic metamaterials: A metamaterial shell is capable of multiplying transmission efficiency several times over May 13th, 2016

Abalonyx launches Reduced Graphene Oxide Product: Abalonyx has successfully scaled up production of thermally reduced graphene oxide (rGO) in its Tofte, Norway, production facility. This product is now offered to customers in Kg-quantities May 10th, 2016

Visualizing the Lithiation of a Nanosized Iron-Oxide Material in Real Time: Electron microscopy technique reveals the reaction pathways that emerge as lithium ions are added to magnetite nanoparticles May 9th, 2016

Speedy ion conduction in solid electrolytes clears road for advanced energy devices May 5th, 2016

Alliances/Trade associations/Partnerships/Distributorships

The CEA Announces Expanded Collaboration with Intel to Advance Cutting-edge Research and Innovation in Key Digital Areas May 17th, 2016

Solliance realizes first up-scaled Perovskite based PV modules with 10% efficiency: Holst Centre, imec and ECN pave the road to upscaling Perovskite PV modules May 10th, 2016

Industrial Nanotech, Inc. Expands Distribution Network in US and Internationally May 9th, 2016

Albertan Science Lab Opens in India May 7th, 2016

Solar/Photovoltaic

This 'nanocavity' may improve ultrathin solar panels, video cameras and more May 16th, 2016

New research shows how silver could be the key to gold-standard flexible gadgets: Silver nanowires are an ideal material for current and future flexible touch-screen technologies May 13th, 2016

Solliance realizes first up-scaled Perovskite based PV modules with 10% efficiency: Holst Centre, imec and ECN pave the road to upscaling Perovskite PV modules May 10th, 2016

First single-enzyme method to produce quantum dots revealed: Biological manufacturing process, pioneered by three Lehigh University engineers, produces equivalent quantum dots to those made chemically--but in a much greener, cheaper way May 9th, 2016

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







Car Brands
Buy website traffic