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

PetLife Comments on CNN Story on Scorpion Venom Health Benefits August 27th, 2014

Nanodiamonds Are Forever: A UCSB professor’s research examines 13,000-year-old nanodiamonds from multiple locations across three continents August 27th, 2014

Aspen Aerogels, Inc. to Present at Barclays CEO Energy-Power Conference August 27th, 2014

Nanotech Security Corp. to Acquire Fortress Optical Features Ltd., a Leading Producer of Banknote Security Features August 27th, 2014

Govt.-Legislation/Regulation/Funding/Policy

Introducing the multi-tasking nanoparticle: Versatile particles offer a wide variety of diagnostic and therapeutic applications August 26th, 2014

Scientists craft atomically seamless, thinnest-possible semiconductor junctions August 26th, 2014

Competition for Graphene: Berkeley Lab Researchers Demonstrate Ultrafast Charge Transfer in New Family of 2D Semiconductors August 26th, 2014

X-ray Laser Probes Tiny Quantum Tornadoes in Superfluid Droplets: SLAC Experiment Reveals Mysterious Order in Liquid Helium August 25th, 2014

Investments/IPO's/Splits

Aspen Aerogels, Inc. to Present at Barclays CEO Energy-Power Conference August 27th, 2014

Harris & Harris Group Letter to Shareholders on Website August 19th, 2014

Harris & Harris Group to Host Conference Call on Second-Quarter 2014 Financial Results on August 15, 2014 August 12th, 2014

Aspen Aerogels, Inc. to Present at Canaccord Genuity 34th Annual Growth Conference August 11th, 2014

Announcements

Nanodiamonds Are Forever: A UCSB professor’s research examines 13,000-year-old nanodiamonds from multiple locations across three continents August 27th, 2014

Aspen Aerogels, Inc. to Present at Barclays CEO Energy-Power Conference August 27th, 2014

Nanotech Security Corp. to Acquire Fortress Optical Features Ltd., a Leading Producer of Banknote Security Features August 27th, 2014

Malvern specialists to deliver inaugural short course on polymer characterization at Interplas 2014 August 27th, 2014

Energy

Aspen Aerogels, Inc. to Present at Barclays CEO Energy-Power Conference August 27th, 2014

Competition for Graphene: Berkeley Lab Researchers Demonstrate Ultrafast Charge Transfer in New Family of 2D Semiconductors August 26th, 2014

Chemical reaction yields "tapes" of porphin molecules: Flexible tapes from the nanoworld August 13th, 2014

Eco-friendly 'pre-fab nanoparticles' could revolutionize nano manufacturing: UMass Amherst team invents a way to create versatile, water-soluble nano-modules August 13th, 2014

Automotive/Transportation

Creation of a Highly Efficient Technique to Develop Low-Friction Materials Which Are Drawing Attention in Association with Energy Issues August 26th, 2014

New Method Provides Nanoscale Details of Electrochemical Reactions in Electric Vehicle Battery Materials August 4th, 2014

A protecting umbrella against oxygen: Toward fuel cells built from renewable and abundant components - Scientists from Bochum und Mülheim report in NATURE Chemistry August 4th, 2014

Stanford researchers seek 'Holy Grail' in battery design: Pure lithium anode closer to reality with development of protective layer of interconnected carbon domes August 1st, 2014

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics

Picosun joins forces with IMEC for novel, industrial ALD applications August 25th, 2014

Graphene may be key to leap in supercapacitor performance August 20th, 2014

Could hemp nanosheets topple graphene for making the ideal supercapacitor? August 12th, 2014

Cylinder scanning system used in the ZylScan-System of the Breitmeier Messtechnik Company August 5th, 2014

Alliances/Partnerships/Distributorships

JPK expands availability of instrumentation in the USA – appointing new distributors – launched a new web site to support the US market - AFM now available to US users August 26th, 2014

Sunblock poses potential hazard to sea life August 20th, 2014

SouthWest NanoTechnologies Appoints Matteson-Ridolfi for U.S. Distribution of its SMW™ Specialty Multiwall Carbon Nanotubes August 13th, 2014

Could hemp nanosheets topple graphene for making the ideal supercapacitor? August 12th, 2014

Solar/Photovoltaic

Competition for Graphene: Berkeley Lab Researchers Demonstrate Ultrafast Charge Transfer in New Family of 2D Semiconductors August 26th, 2014

Eco-friendly 'pre-fab nanoparticles' could revolutionize nano manufacturing: UMass Amherst team invents a way to create versatile, water-soluble nano-modules August 13th, 2014

An Inkjet-Printed Field-Effect Transistor for Label-Free Biosensing August 11th, 2014

“Active” surfaces control what’s on them: Researchers develop treated surfaces that can actively control how fluids or particles move August 6th, 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