Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

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

Introduction of the LVEM25 Low Voltage Electron Microscope April 21st, 2015

Nondestructive 3-D Imaging of Biological Cells with Sound April 20th, 2015

Advances in molecular electronics: Lights on -- molecule on: Researchers from Dresden and Konstanz succeed in light-controlled molecule switching April 20th, 2015

Yale-NUS, NUS and UT Austin researchers establish theoretical framework for graphene physics: Making strides towards using graphene to create new electronic devices April 20th, 2015

Investments/IPO's/Splits

Long Island Capital Alliance Announces Participants for Brookhaven National Laboratory Technology Transfer Capital Forum on May 8: Keynote Speaker Dr. Doon Gibbs, Director of Brookhaven National Laboratory April 16th, 2015

Graphenea embarks on a new era April 16th, 2015

Harris & Harris Group Portfolio Company OpGen Files Amended Registration Statement for Proposed Public Offering April 8th, 2015

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Announcements

Introduction of the LVEM25 Low Voltage Electron Microscope April 21st, 2015

Nondestructive 3-D Imaging of Biological Cells with Sound April 20th, 2015

Advances in molecular electronics: Lights on -- molecule on: Researchers from Dresden and Konstanz succeed in light-controlled molecule switching April 20th, 2015

Yale-NUS, NUS and UT Austin researchers establish theoretical framework for graphene physics: Making strides towards using graphene to create new electronic devices April 20th, 2015

Financial Reports

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Aspen Aerogels, Inc. Schedules Fourth Quarter and Fiscal 2014 Earnings Release and Conference Call for February 26, 2015 February 11th, 2015

Arrowhead to Report Fiscal 2015 First Quarter Financial Results February 2nd, 2015

Graphenea sales more than double in 2014 January 29th, 2015

Energy

Better battery imaging paves way for renewable energy future April 20th, 2015

Dais Analytic Corporation Appoints Eliza Wang to Board of Directors: Company's Newest Director Brings Expertise in Commercial and Legal Matters Both in the United States and China; Joins on the Heels of Successful Business Development Trade Mission to China April 18th, 2015

Major advance in artificial photosynthesis poses win/win for the environment: Berkeley Lab researchers perform solar-powered green chemistry with captured CO2 April 16th, 2015

Newly-Developed Nanocatalysts Increase Performance of Fuel Cells April 16th, 2015

Automotive/Transportation

Nanocomposites Play Effective Role in Production of Smart Fibers April 18th, 2015

Beyond the lithium ion -- a significant step toward a better performing battery April 18th, 2015

Newly-Developed Nanocatalysts Increase Performance of Fuel Cells April 16th, 2015

Cobalt film a clean-fuel find: Rice University discovery is efficient, robust at drawing hydrogen and oxygen from water April 15th, 2015

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

‘Oxford Instruments Young Nanoscientist India Award 2015’ to Prof. Arindam Ghosh April 20th, 2015

Better battery imaging paves way for renewable energy future April 20th, 2015

Engineer improves rechargeable batteries with MoS2 nano 'sandwich' April 18th, 2015

Beyond the lithium ion -- a significant step toward a better performing battery April 18th, 2015

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

‘Oxford Instruments Young Nanoscientist India Award 2015’ to Prof. Arindam Ghosh April 20th, 2015

Iranian Female Professor Awarded UNESCO Medal in Nanoscience April 20th, 2015

Happily ever after: Scientists arrange protein-nanoparticle marriage: New biotech method could lead to development of HIV vaccine, targeted cancer treatment April 20th, 2015

Optical resonance-based biosensors designed for medical applications April 18th, 2015

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