Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

android tablet pc

Home > Press > Ener1 Reports Fourth Quarter and Year-End 2009 Results

Ener1, Inc., today announced financial results for its fourth quarter and year-ended December 31, 2009. Net sales were $34.8 million.

Ener1 Reports Fourth Quarter and Year-End 2009 Results

Fort Lauderdale, FL | Posted on March 14th, 2010

Net sales were $34.8 million. Net sales for the 2009 fourth quarter were $11.0 million compared to net sales of $8.1 million in the third quarter of 2009. Net loss was $51.5 million in 2009 compared to $51.2 million in 2008. Basic net loss per share was $.44 in 2009 compared to $.51 in 2008. Diluted net loss per share was $.45 in 2009. Weighted average basic shares outstanding were 116.7 million in 2009 compared to 103.4 million in the prior year.

Highlights for 2009 include:
-- Reorganized and repositioned EV manufacturer THINK for full-scale
production, took 31% equity stake and executed an exclusive supply
-- Announced additional relationships with Volvo Cars, Japan Post,
Nissan, Mazda, U.S. Army, HEPCO EV bus and Portland General Electric
-- Announced three smart grid demonstration projects with strategic
partner ITOCHU Corporation
-- Completion of $118.5 million grant from the U.S. Department of Energy
-- Announcement of $69.9 million incentive package from the State of

More recent news:
-- New award of U.S. aerospace contract in 2010 for unmanned aerial
vehicles (UAVs)
-- Co-hosted U.S. technical seminar with Volvo for the unveiling of the
electric version of the C30, the best-selling vehicle platform within
Volvo Cars
-- Announcement of third facility in Indiana, U.S. facilities now
expected to be capable of producing 3.12 gigawatt-hours by 2015

"With the DOE grant money now flowing, EnerDel is rapidly scaling its facilities to meet the production schedule for the THINK City vehicle, to begin anticipated shipments in the second quarter of 2010," commented Charles Gassenheimer, Chairman and CEO. "Orders for $63 million of new battery equipment are in place for the U.S. and $12 million for Korea, which we anticipate will provide us with a total production capacity of 15,000 packs or 390 megawatt-hours, by mid 2011."

"Through Ener1's partnership with THINK, we expect to produce the first commercially available electrical vehicle using prismatic cells, a distinct competitive advantage in creating brand awareness and establishing market share," continued Mr. Gassenheimer. "Ener1 expects to be producing 900 packs or 23.4 megawatt-hours per month for THINK by the end of 2010, a run-rate at which EnerDel is EBITDA break-even, a considerable milestone and well ahead of any of our peers."

"EnerDel experienced a five-fold increase in the level of customer inquiry in 2009, largely precipitated by the award of a $118.5 million grant from the U.S. Department of Energy. We have continued to attract top talent from the automotive industry, and expect to increase our headcount at EnerDel by over 30% in the first quarter of 2010. As we embark on this new period of growth, I would like to pay special tribute to one of the company's co-founders, Dr. Peter Novak, who after a 12 year tenure at the company is transitioning out of the role of President and Chief Technology Officer of Ener1 to serve the company in a more advisory capacity as its Senior Technical Advisor. I believe Peter will take his place amongst the academics who have given life to a new industry."

"Over the next three years, Ener1 anticipates that the majority of its revenues will stem from Europe and Asia, and is committed to building a world-class manufacturing and export base from the United States. We expect a third of revenues in 2012 to come from two auto manufacturers in Europe and Asia, to be announced in 2010. We recognize that scale will be a key factor in accessing new market opportunities and competing effectively on cost, and will continue to evaluate ways to achieve that in the coming year."

Management will host a conference call this evening at 5:00 p.m. Eastern Standard Time to discuss the fourth quarter results, the company's financial position and company announcements. To participate in the audio call, please dial +888.679.8033 from within the United States, or +617.213.4846 from outside the United States. The participant pass code is 43474561.

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 from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.



About Ener1
Ener1 develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid, plug-in hybrid and pure electric vehicles. The publicly traded company is led by an experienced team of engineers and energy system experts at its EnerDel subsidiary located in Indiana. In addition to the automobile market, applications for Ener1 lithium-ion battery technology include the military, grid storage and other growing markets. Ener1 also develops commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary.

For more information, please click here

Rachel Carroll
ENER1, Inc.
Phone: 212 920 3500

Jon Coifman
Waggener Edstrom Worldwide
Phone: 212 551 4815

Copyright © pr-canada

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.

Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Tissue regeneration using anti-inflammatory nanomolecules August 22nd, 2014

A breakthrough in imaging gold nanoparticles to atomic resolution by electron microscopy August 22nd, 2014

Ultra-short pulse lasers & Positioning August 21st, 2014

Malvern’s Dr Alan Rawle talks TLAs in plenary lecture at Particulate Systems Analysis conference August 21st, 2014

Openings/New facilities/Groundbreaking/Expansion

SEMATECH and Newly Merged SUNY CNSE/SUNYIT Launch New Patterning Center to Further Advance Materials Development: Center to Provide Access to Critical Tools that Support Semiconductor Technology Node Development August 7th, 2014

Oxford Instruments Asylum Research Opens an Atomic Force Microscopy Demonstration Lab in Mumbai, India July 21st, 2014

Sono-Tek Corporation Announces New Clean Room Rated Laboratory Facility in China July 18th, 2014

Beneq is on the move! June 12th, 2014


Shaping the Future of Nanocrystals: Berkeley Lab Researchers Obtain First Direct Observation of Facet Formation in Nanocubes August 21st, 2014

Success in Intracellular Imaging of Cesium Distribution in Plants Used for Cesium Absorption August 19th, 2014

Electrical engineers take major step toward photonic circuits: Team invents non-metallic metamaterial that enables them to 'compress' and contain light August 19th, 2014

Promising Ferroelectric Materials Suffer From Unexpected Electric Polarizations: Brookhaven Lab scientists find surprising locked charge polarizations that impede performance in next-gen materials that could otherwise revolutionize data-driven devices August 18th, 2014


Tissue regeneration using anti-inflammatory nanomolecules August 22nd, 2014

A breakthrough in imaging gold nanoparticles to atomic resolution by electron microscopy August 22nd, 2014

Malvern’s Dr Alan Rawle talks TLAs in plenary lecture at Particulate Systems Analysis conference August 21st, 2014

Water window imaging opportunity: A new theoretical study elucidates mechanisms that could help in producing coherent radiations, ultimately promoting high-contrast imaging of biological samples August 21st, 2014


New material could enhance fast and accurate DNA sequencing August 13th, 2014

On the frontiers of cyborg science August 10th, 2014

Advanced thin-film technique could deliver long-lasting medication: Nanoscale, biodegradable drug-delivery method could provide a year or more of steady doses August 6th, 2014

Air Force’s 30-year plan seeks 'strategic agility' August 1st, 2014

Financial Reports

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

Arrowhead Reports Fiscal 2014 Third Quarter Financial Results and Provides Update on ARC-520 August 12th, 2014

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

Harris & Harris Group Reports Financial Statements as of June 30, 2014 August 10th, 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

Stanford team achieves 'holy grail' of battery design: A stable lithium anode - Engineers use carbon nanospheres to protect lithium from the reactive and expansive problems that have restricted its use as an anode July 27th, 2014


The International Space Elevator Consortium (ISEC) is proud to announce the 2014 Space Elevator Conference! This annual event will be held at the Museum of Flight in Seattle, Washington from Friday, August 22nd through Sunday, August 24th August 19th, 2014

Life on Mars? Implications of a newly discovered mineral-rich structure August 19th, 2014

National Space Society Calls For Less US Dependence On Russian Space Technology July 15th, 2014

Motorized Miniature Screw-Actuator Provides 20 nm Resolution, Based on Piezo Effect July 8th, 2014

Battery Technology/Capacitors/Generators/Piezoelectrics/Thermoelectrics

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

Used-cigarette butts offer energy storage solution August 5th, 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

On the frontiers of cyborg science August 10th, 2014


Applied Nanotech Holdings, Inc. Expects Approval to Become PEN Inc. : Two Leading Companies Combine to Bring to Market Advanced Products Enabled by Nanotechnology; Shareholder Meeting Will Occur on Friday, August 22, 2014, in Irving, TX to Vote on the Combination August 15th, 2014

Keysight Technologies Begins Operations August 1st, 2014

Bruker Announces Acquisition of High-Speed, 3D Super-Resolution Fluorescence Microscopy Company Vutara July 28th, 2014

Malvern Instruments completes acquisition of MicroCal and announces purchase of Archimedes product from Affinity Biosensors July 25th, 2014


East China University of Science and Technology Purchases Nanonex Advanced Nanoimprint Tool NX-B200 July 30th, 2014

University of Manchester selects Anasys AFM-IR for coatings and corrosion research July 30th, 2014

STFC takes delivery of the 100th Hitachi Tabletop SEM in the UK July 3rd, 2014

University of Maastricht Adds Complete Correlative Workflow from FEI to its Institute of Nanoscopy June 23rd, 2014

The latest news from around the world, FREE

  Premium Products
Only the news you want to read!
 Learn More
University Technology Transfer & Patents
 Learn More
Full-service, expert consulting
 Learn More

Nanotechnology Now Featured Books


The Hunger Project

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