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.
"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.
Related News Press |
News and information
Researchers develop artificial building blocks of life March 8th, 2024
Govt.-Legislation/Regulation/Funding/Policy
What heat can tell us about battery chemistry: using the Peltier effect to study lithium-ion cells March 8th, 2024
Researchers’ approach may protect quantum computers from attacks March 8th, 2024
Optically trapped quantum droplets of light can bind together to form macroscopic complexes March 8th, 2024
Investments/IPO's/Splits
Daikin Industries becomes OCSiAl shareholder July 27th, 2021
INBRAIN Neuroelectronics raises over €14M to develop smart graphene-based neural implants for personalised therapies in brain disorders March 26th, 2021
180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. March 26th, 2021
Announcements
What heat can tell us about battery chemistry: using the Peltier effect to study lithium-ion cells March 8th, 2024
Nanoscale CL thermometry with lanthanide-doped heavy-metal oxide in TEM March 8th, 2024
Energy
Development of zinc oxide nanopagoda array photoelectrode: photoelectrochemical water-splitting hydrogen production January 12th, 2024
Shedding light on unique conduction mechanisms in a new type of perovskite oxide November 17th, 2023
Inverted perovskite solar cell breaks 25% efficiency record: Researchers improve cell efficiency using a combination of molecules to address different November 17th, 2023
The efficient perovskite cells with a structured anti-reflective layer – another step towards commercialization on a wider scale October 6th, 2023
Automotive/Transportation
Researchers’ approach may protect quantum computers from attacks March 8th, 2024
Tests find no free-standing nanotubes released from tire tread wear September 8th, 2023
Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics/Energy storage
What heat can tell us about battery chemistry: using the Peltier effect to study lithium-ion cells March 8th, 2024
A battery’s hopping ions remember where they’ve been: Seen in atomic detail, the seemingly smooth flow of ions through a battery’s electrolyte is surprisingly complicated February 16th, 2024
Alliances/Trade associations/Partnerships/Distributorships
Chicago Quantum Exchange welcomes six new partners highlighting quantum technology solutions, from Chicago and beyond September 23rd, 2022
University of Illinois Chicago joins Brookhaven Lab's Quantum Center June 10th, 2022
Solar/Photovoltaic
Development of zinc oxide nanopagoda array photoelectrode: photoelectrochemical water-splitting hydrogen production January 12th, 2024
Shedding light on unique conduction mechanisms in a new type of perovskite oxide November 17th, 2023
Inverted perovskite solar cell breaks 25% efficiency record: Researchers improve cell efficiency using a combination of molecules to address different November 17th, 2023
Charged “molecular beasts” the basis for new compounds: Researchers at Leipzig University use “aggressive” fragments of molecular ions for chemical synthesis November 3rd, 2023
The latest news from around the world, FREE | ||
Premium Products | ||
Only the news you want to read!
Learn More |
||
Full-service, expert consulting
Learn More |
||