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Charles Gassenheimer, CEO of US lithium-ion battery maker Ener1, Inc. (Nasdaq: HEV) will be participating tomorrow in a high-level roundtable featuring Russian Energy Minister Sergei Shmatko and other top figures in Russia's electric utility sector (the fourth largest in the world), along with Western business leaders from General Electric, ABB and Cambridge Energy Research Associates.
The three-hour session is part of Russia's prestigious St. Petersburg International Economic Forum. More than 2,300 people are expected to attend this year, representing business, governments and media organizations from around the globe. Now in its fourteenth year, the forum has traditionally been a favorite event for Russian and foreign companies to announce new business partnerships.
"Russia is in the midst of a comprehensive multi-billion-dollar overhaul of its electric power system, which is a crucial ingredient in the country's overall economic transformation plans," Gassenheimer said. "In the process, it's become clear that energy storage capabilities are going to be a crucial element in a new Russian smart grid, with advanced battery systems providing a quick and cost effective way of serving the country's rapidly evolving energy needs."
For instance, last February, Russia's Federal Grid Company -- whose chairman and chief engineer will also be participating in the roundtable -- says it will invest approximately $15 billion through 2012 to modernize its transmission infrastructure. The company estimates smart grid technologies in Russia will reduce electricity losses by 25 percent, and reduce usage by 34-35 billion kilowatt hours per year, which amounts to savings worth more than $1.6 billion annually.
Ener1 is currently working on smart grid and grid storage projects in the United States and Japan, using highly efficient large format lithium-ion battery technology that the company initially developed for use in the automotive industry.
The panel, dubbed "Smart Grids - Smart Energy - Smart Economy" takes place at 3pm local time, and will be moderated by Vladimir Fortov, Academic Secretary of the Department for Energy, Engineering, Mechanics and Management of the Russian Academy of Sciences.
Oleg Budargin, Chairman of the Management Board, JSC FGC UES
Rod Christie, President for Central and Eastern Europe, Russia & CIS, GE Energy
Vladimir Dorofeev, General Director, R&D Centre for Power Engineering JSC
Viktor Kovalev, Science and Innovation Programmes Director, OJSHC Elektrozavod
Yuri Lipatov, Chairman of the Energy Cmte. of the State Duma of the Russian Federation
Lawrence Makovich, Vice President & Senior Counsel, IHS Cambridge Energy Research Associates
Sergei Shmatko, Minister of Energy of the Russian Federation
Hubertus von Grunberg, Chairman of the Board of Directors, ABB Group
Charles Gassenheimer, Chairman and CEO of Ener1, Inc.
Other participants at the forum from the United States include the President and CEO of Deere & Company, the President of Microsoft, the President and CEO of J.P. Morgan Chase & Company, and the CEO's of Cisco Systems Inc., Pfizer, Alcoa, Morgan Stanley, ConocoPhillips, Citigroup, Deloitte and Chevron.
For a full list of participants, please visit: forumspb.com/en/spief_2010/participants/participantslist.
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.
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 (NASDAQ: HEV) 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.
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