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

Quantum memory with record-breaking capacity based on laser-cooled atoms December 15th, 2017

Record high photoconductivity for new metal-organic framework material December 15th, 2017

Error-free into the quantum computer age December 15th, 2017

Leti Will Demonstrate First 3D Anti-Crash Solution for Embedding in Drones: Fitted on a Mass-Market Microcontroller, 360Fusion Software Technology Detects any Dynamic Obstacle and Helps Guide Drones Away from Collisions December 15th, 2017

Investments/IPO's/Splits

Nanometrics to Participate in the 6th Annual NYC Investor Summit 2017 November 16th, 2017

180 Degree Capital Corp. Leads Investment in TheStreet, Inc.; Investment Enables Removal of Capital Structure Overhang November 14th, 2017

Arrowhead Pharmaceuticals Reports Inducement Grants under NASDAQ Marketplace Rule 5635(c)(4) October 23rd, 2017

Arrowhead Hosts Investor & Analyst R&D Day to Introduce TRiM(TM) Platform and Lead RNAi-based Drug Candidates September 14th, 2017

Announcements

Quantum memory with record-breaking capacity based on laser-cooled atoms December 15th, 2017

Record high photoconductivity for new metal-organic framework material December 15th, 2017

Error-free into the quantum computer age December 15th, 2017

Leti Will Demonstrate First 3D Anti-Crash Solution for Embedding in Drones: Fitted on a Mass-Market Microcontroller, 360Fusion Software Technology Detects any Dynamic Obstacle and Helps Guide Drones Away from Collisions December 15th, 2017

Financial Reports

Nanometrics Announces Preliminary Results for the Third Quarter of 2017: Quarterly Results Impacted by Delays in Revenue Recognition on Multiple Systems into Japan October 12th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Third Quarter Results July 27th, 2017

Nanometrics to Announce Second Quarter Financial Results on August 1, 2017 July 14th, 2017

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

Energy

Inorganic-organic halide perovskites for new photovoltaic technology November 6th, 2017

Dendritic fibrous nanosilica: all-in-one nanomaterial for energy, environment and health November 4th, 2017

New nanomaterial can extract hydrogen fuel from seawater: Hybrid material converts more sunlight and can weather seawater's harsh conditions October 4th, 2017

Researchers set time limit for ultrafast perovskite solar cells September 22nd, 2017

Automotive/Transportation

Sandia researchers make solid ground toward better lithium-ion battery interfaces: Reducing the traffic jam in batteries December 13th, 2017

Device makes power conversion more efficient: New design could dramatically cut energy waste in electric vehicles, data centers, and the power grid December 8th, 2017

Chinese market opens up for Carbodeon nanodiamonds: Carbodeon granted Chinese Patent for Nanodiamond-containing Thermoplastic Thermal Compounds December 4th, 2017

The next generation of power electronics? Gallium nitride doped with beryllium: How to cut down energy loss in power electronics? The right kind of doping November 9th, 2017

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

Sandia researchers make solid ground toward better lithium-ion battery interfaces: Reducing the traffic jam in batteries December 13th, 2017

Device makes power conversion more efficient: New design could dramatically cut energy waste in electric vehicles, data centers, and the power grid December 8th, 2017

Printing Flexible Graphene Supercapacitors December 1st, 2017

Dendritic fibrous nanosilica: all-in-one nanomaterial for energy, environment and health November 4th, 2017

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

Synthetic protein packages its own genetic material and evolves computationally designed protein assemblies are advancing research in synthetic life and in targeted drug delivery December 15th, 2017

Columbia engineers create artificial graphene in a nanofabricated semiconductor structure: Researchers are the first to observe the electronic structure of graphene in an engineered semiconductor; finding could lead to progress in advanced optoelectronics and data processing December 13th, 2017

Wheat gets boost from purified nanotubes: Rice University toxicity study shows plant growth enhanced by -- but only by -- purified nanotubes December 6th, 2017

Researchers advance technique to detect ovarian cancer: Rice, MD Anderson use fluorescent carbon nanotube probes to achieve first in vivo success November 30th, 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