Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

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

Transparent Conductive Films and Sensors Are Hot Segments in Printed Electronics: Start-ups in these fields show above-average momentum, while companies working on emissive displays such as OLED are fading, Lux Research says April 17th, 2014

Harris & Harris Group Continues Its Blog Series to Highlight Most Impactful Portfolio Companies With Champions Oncology, Inc. April 17th, 2014

'Life Redesigned: The Emergence of Synthetic Biology' Lecture at Brookhaven Lab on Wednesday, April 30: Biomedical Engineer James Collins to Speak for BSA Distinguished Lecture Series April 16th, 2014

ECHA Planning Workshop on Regulatory Challenges in the Risk Assessment of Nanomaterials April 16th, 2014

Govt.-Legislation/Regulation/Funding/Policy

'Life Redesigned: The Emergence of Synthetic Biology' Lecture at Brookhaven Lab on Wednesday, April 30: Biomedical Engineer James Collins to Speak for BSA Distinguished Lecture Series April 16th, 2014

ECHA Planning Workshop on Regulatory Challenges in the Risk Assessment of Nanomaterials April 16th, 2014

UT Arlington physicist creates new nanoparticle for cancer therapy April 16th, 2014

Relieving electric vehicle range anxiety with improved batteries: Lithium-sulfur batteries last longer with nanomaterial-packed cathode April 16th, 2014

Investments/IPO's/Splits

Harris & Harris Group Continues Its Blog Series to Highlight Most Impactful Portfolio Companies With Champions Oncology, Inc. April 17th, 2014

Nanometrics to Announce First Quarter Financial Results on April 29, 2014 April 9th, 2014

Harris & Harris Group Notes Mersana's Collaboration Agreement With Subsidiary of Takeda Pharmaceutical Co. April 8th, 2014

Harris & Harris Group Continues Its Blog Series to Highlight Most Impactful Portfolio Companies With Metabolon, Inc. April 7th, 2014

Announcements

Transparent Conductive Films and Sensors Are Hot Segments in Printed Electronics: Start-ups in these fields show above-average momentum, while companies working on emissive displays such as OLED are fading, Lux Research says April 17th, 2014

Harris & Harris Group Continues Its Blog Series to Highlight Most Impactful Portfolio Companies With Champions Oncology, Inc. April 17th, 2014

Aerotech X-Y ball-screw stage for economical high performance Planar positioning April 16th, 2014

Energy Research Facility Construction Project at Brookhaven Lab Wins U.S. Energy Secretary's Achievement Award April 16th, 2014

Energy

Scientists Capture Ultrafast Snapshots of Light-Driven Superconductivity: X-rays reveal how rapidly vanishing 'charge stripes' may be behind laser-induced high-temperature superconductivity April 16th, 2014

Engineers develop new materials for hydrogen storage April 15th, 2014

A molecular approach to solar power: Switchable material could harness the power of the sun ó even when itís not shining April 15th, 2014

Industrial Nanotech, Inc. Lands First Major Order from Pemex, Mexicoís State-Owned Oil and Gas Company April 14th, 2014

Automotive/Transportation

Relieving electric vehicle range anxiety with improved batteries: Lithium-sulfur batteries last longer with nanomaterial-packed cathode April 16th, 2014

Tiny particles could help verify goods: Chemical engineers hope smartphone-readable microparticles could crack down on counterfeiting April 15th, 2014

Nanotech Business Review 2013-2014 April 9th, 2014

Heat-conducting polymer cools hot electronic devices at 200 degrees C March 31st, 2014

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics

Transparent Conductive Films and Sensors Are Hot Segments in Printed Electronics: Start-ups in these fields show above-average momentum, while companies working on emissive displays such as OLED are fading, Lux Research says April 17th, 2014

Relieving electric vehicle range anxiety with improved batteries: Lithium-sulfur batteries last longer with nanomaterial-packed cathode April 16th, 2014

Catching the (Invisible) Wave: UC Santa Barbara researchers create a unique semiconductor that manipulates light in the invisible infrared/terahertz range, paving the way for new and enhanced applications April 11th, 2014

Nanotech Business Review 2013-2014 April 9th, 2014

Alliances/Partnerships/Distributorships

Virus structure inspires novel understanding of onion-like carbon nanoparticles April 10th, 2014

Peer Reviewed and Approved for Science by the the Washington Academy of Sciences April 3rd, 2014

New JEOL-Nikon MiXcroscopy Correlative Imaging Solution March 27th, 2014

Quantum Dots Take Center Stage at Inaugural Event: QD Vision Co-Founder and CTO Dr. Seth Coe-Sullivan to Chair First Quantum Dots Forum, March 26, 2014, San Diego, CA March 25th, 2014

Solar/Photovoltaic

A molecular approach to solar power: Switchable material could harness the power of the sun ó even when itís not shining April 15th, 2014

Shiny quantum dots brighten future of solar cells: Photovoltaic solar-panel windows could be next for your house April 14th, 2014

Scientists open door to better solar cells, superconductors and hard-drives: Research enhances understanding of materials interfaces April 14th, 2014

Better solar cells, better LED light and vast optical possibilities April 12th, 2014

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 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE