Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Ener1 Raising Funds For Indiana Expansion

Abstract:
ENER1, Inc. (Nasdaq: HEV) today announced that it has agreed to sell $55 million of senior unsecured notes, together with shares of common stock and warrants, to certain investment funds, led by funds managed by Goldman Sachs Asset Management, L.P.

Ener1 Raising Funds For Indiana Expansion

New York, NY | Posted on September 8th, 2010

In addition, the company also announced the sale of $10 million in senior convertible notes to strategic partner ITOCHU Corporation. This follows a $65 million investment from principal shareholder Ener1 Group in June of this year, and a $20 million investment from ITOCHU Corporation in December, 2009. The sale of the senior notes is subject to customary closing conditions, and is expected to be completed on or before September 8, 2010.

Ener1 will use these funds along with its grant from the United States Department of Energy under the American Recovery and Reinvestment Act, for general operating expenditures and to help pursue its intended manufacturing plans to install 260 MW, or capacity for 11,000 electric vehicle battery packs, at its three Indianapolis facilities.

"Ener1 has heavily invested in expanding its global manufacturing operations in response to the anticipated demand from the grid energy storage, transportation and small cell markets, allowing us to meet our growth objectives," commented Chairman and CEO Charles Gassenheimer. "We are appreciative of the vote of confidence that our shareholders have placed in Ener1's management team to execute its business plan."

The principal of the notes is payable in 10 equal quarterly installments with a coupon of 8.25 percent. The first such installment is due on January 2011. The notes provide Ener1 with the option of paying principal and interest entirely in cash or, subject to the satisfaction of certain conditions, in stock, or a combination of cash and stock.

The Company is required to file a registration statement with the Securities and Exchange Commission for the resale of shares of common stock delivered in payment of principal and interest installments. JMP Securities LLC acted as the exclusive placement agent for the transaction.

Ener1 will be presenting at investor conferences in September, including the Credit Suisse Automotive and Transportation Conference, the Cowen Clean Energy Forum, the Wedbush Clean Technology and Industrial Growth Conference, the Deutsche Bank Technology Conference and the Paris Auto Show sponsored by UBS.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy notes or any other securities, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

####

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 (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.

For more information, please click here

Copyright © Ener1

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

Rice U. chemists create 3-D printed graphene foam June 22nd, 2017

Tiny bubbles provide tremendous propulsion in new microparticles research-Ben-Gurion U. June 21st, 2017

Enhanced photocatalytic activity by Cu2O nanoparticles integrated H2Ti3O7 nanotubes June 21st, 2017

Researchers developed nanoparticle based contrast agent for dual modal imaging of cancer June 21st, 2017

Investments/IPO's/Splits

180 Degree Capital Corp. Announces the Start of Kevin Rendino as Chairman and Chief Executive Officer and Completion of its Transition to a Registered Closed-End Fund March 31st, 2017

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Harris & Harris Group Announces the Filing of Preliminary Proxy Materials Detailing Its Proposed Conversion From a BDC to a Registered Closed-End Fund January 24th, 2017

Harris & Harris Group Issues Reminder for Shareholder Update Call on January 10, 2017 January 10th, 2017

Announcements

Rice U. chemists create 3-D printed graphene foam June 22nd, 2017

Tiny bubbles provide tremendous propulsion in new microparticles research-Ben-Gurion U. June 21st, 2017

Enhanced photocatalytic activity by Cu2O nanoparticles integrated H2Ti3O7 nanotubes June 21st, 2017

Researchers developed nanoparticle based contrast agent for dual modal imaging of cancer June 21st, 2017

Financial Reports

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

Nanometrics to Announce First Quarter Financial Results on May 2, 2017 April 11th, 2017

Harris & Harris Group Issues Its Financial Statements as of December 31, 2016, Posts Its Annual Shareholder Letter, And Will Host a Conference Call for Shareholders on Friday, March 17, 2017 March 15th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 First Quarter Results January 31st, 2017

Energy

Tiny bubbles provide tremendous propulsion in new microparticles research-Ben-Gurion U. June 21st, 2017

Enhanced photocatalytic activity by Cu2O nanoparticles integrated H2Ti3O7 nanotubes June 21st, 2017

Cambridge Nanotherm partners with Inabata for global sales and distribution June 20th, 2017

Development of low-dimensional nanomaterials could revolutionize future technologies June 15th, 2017

Automotive/Transportation

Letiís Autonomous-Vehicle System Embedded in Infineonís AURIX Platform: Letiís Low-Power, Multi-Sensor System that Transforms Distance Data into Clear Information About the Driving Environment Will Be Demonstrated at ITS Meeting in Strasbourg, June 19-22 June 20th, 2017

Development of low-dimensional nanomaterials could revolutionize future technologies June 15th, 2017

GLOBALFOUNDRIES Launches 7nm ASIC Platform for Data Center, Machine Learning, and 5G Networks FX-7TM offering leverages the companyís 7nm: FinFET process to deliver best in class IP and Solutions June 13th, 2017

Leti Announces Two New Tools for Improving Transportation Comfort, Safety and Efficiency: Wearable Device Measures Stress Responses for Travelers, Pilots and Truck Drivers, While Smartphone App Provides Transit Agencies Broad Data on Transport Modes June 13th, 2017

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

Rice U. chemists create 3-D printed graphene foam June 22nd, 2017

Smart materials used in ultrasound behave similar to water, Penn chemists report June 16th, 2017

X-ray Study Reveals Way to Control Molecular Vibrations that Transmit Heat: Findings open new pathway for "tuning" materials to ease or insulate against the flow of heat, sound, and other forms of energy June 7th, 2017

Graphene-nanotube hybrid boosts lithium metal batteries: Rice University prototypes store 3 times the energy of lithium-ion batteries May 19th, 2017

Grants/Sponsored Research/Awards/Scholarships/Gifts/Contests/Honors/Records

Rice U. chemists create 3-D printed graphene foam June 22nd, 2017

Mussels add muscle to biocompatible fibers: Rice University chemists develop hydrogel strings using compound found in sea creatures June 9th, 2017

The 2017 Winners for Generation Nano June 8th, 2017

Controlling 3-D behavior of biological cells using laser holographic techniques May 26th, 2017

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