Nanotechnology Now







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

Evidence mounts for quantum criticality theory: Findings bolster theory that quantum fluctuations drive strange electronic phenomena January 30th, 2015

Everything You Need To Know About Nanopesticides January 30th, 2015

DNA nanoswitches reveal how life's molecules connect: An accessible new way to study molecular interactions could lower cost and time associated with discovering new drugs January 30th, 2015

Crystal light: New light-converting materials point to cheaper, more efficient solar power: University of Toronto engineers study first single crystal perovskites for new solar cell and LED applications January 30th, 2015

Govt.-Legislation/Regulation/Funding/Policy

Evidence mounts for quantum criticality theory: Findings bolster theory that quantum fluctuations drive strange electronic phenomena January 30th, 2015

Nanoscale Mirrored Cavities Amplify, Connect Quantum Memories: Advance could lead to quantum computing and the secure transfer of information over long-distance fiber optic networks January 28th, 2015

Detecting chemical weapons with a color-changing film January 28th, 2015

'Bulletproof' battery: Kevlar membrane for safer, thinner lithium rechargeables January 28th, 2015

Investments/IPO's/Splits

Malaysian Nanotechnology Company Nanopac Innovation Ltd. lists on the NSX January 19th, 2015

Aspen Aerogels, Inc. to Present at the Needham Growth Conference January 8th, 2015

Blend Therapeutics Secures $21 Million Financing and Unveils Novel Pentarin™ Platform for Cancer Therapeutics: Company’s Technology and Expertise in Cancer R&D Evolve to Create New Class of Miniaturized Biologic Drug Conjugates (mBDCs) Encapsulated in Nanoparticles January 8th, 2015

Nanometrics to Announce Fourth Quarter and Full Year Financial Results on February 2, 2015 January 7th, 2015

Announcements

Evidence mounts for quantum criticality theory: Findings bolster theory that quantum fluctuations drive strange electronic phenomena January 30th, 2015

Everything You Need To Know About Nanopesticides January 30th, 2015

DNA nanoswitches reveal how life's molecules connect: An accessible new way to study molecular interactions could lower cost and time associated with discovering new drugs January 30th, 2015

Crystal light: New light-converting materials point to cheaper, more efficient solar power: University of Toronto engineers study first single crystal perovskites for new solar cell and LED applications January 30th, 2015

Energy

Crystal light: New light-converting materials point to cheaper, more efficient solar power: University of Toronto engineers study first single crystal perovskites for new solar cell and LED applications January 30th, 2015

Los Alamos Develops New Technique for Growing High-Efficiency Perovskite Solar Cells: Researchers’ crystal-production insights resolve manufacturing difficulty January 29th, 2015

Carbon nanoballs can greatly contribute to sustainable energy supply January 27th, 2015

Iranian Researchers Boost Solar Cells Efficiency Using Anti-Aggregates January 26th, 2015

Automotive/Transportation

Teijin to Participate in Nano Tech 2015 January 22nd, 2015

Materials - Efficient catalysts... January 13th, 2015

Waterloo chemist one step closer to a new generation of electric car battery January 12th, 2015

New concept of fuel cell for efficiency and environment: It grasps both performance efficiency and removal of toxic heavy metal ions in direct methanol fuel cells January 5th, 2015

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

Nexeon Board Changes Announced January 29th, 2015

'Bulletproof' battery: Kevlar membrane for safer, thinner lithium rechargeables January 28th, 2015

Toyocolor to Launch New Carbon Nanotube Materials at nano tech 2015 January 24th, 2015

Smart keyboard cleans and powers itself -- and can tell who you are January 21st, 2015

Alliances/Partnerships/Distributorships

The Original Frameless Shower Doors Installs DFI's FuseCube™ to Offer Hydrophobic Protective Coating as a Standard Feature: First DFI FuseCube™ Installed on the East Coast to Enable Key Differentiator for the Original Frameless Shower Doors January 29th, 2015

Entanglement on a chip: Breakthrough promises secure communications and faster computers January 27th, 2015

Smart keyboard cleans and powers itself -- and can tell who you are January 21st, 2015

DNA 'glue' could someday be used to build tissues, organs January 14th, 2015

Solar/Photovoltaic

Crystal light: New light-converting materials point to cheaper, more efficient solar power: University of Toronto engineers study first single crystal perovskites for new solar cell and LED applications January 30th, 2015

Los Alamos Develops New Technique for Growing High-Efficiency Perovskite Solar Cells: Researchers’ crystal-production insights resolve manufacturing difficulty January 29th, 2015

Visualizing interacting electrons in a molecule: Scientists at Aalto University and the University of Zurich have succeeded in directly imaging how electrons interact within a single molecule January 26th, 2015

Iranian Researchers Boost Solar Cells Efficiency Using Anti-Aggregates January 26th, 2015

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







© Copyright 1999-2015 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE