Nanotechnology Now

Our NanoNews Digest Sponsors





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

Multi-million pound project to use nanotechnology to improve safety September 4th, 2015

Magnetic wormhole connecting 2 regions of space created for the first time: The device could have applications in medicine, opening up ways to make MRIs more comfortable for patients September 4th, 2015

Tongfang Global and QD Vision Partner to Bring Wide Color Gamut to Global Television Lines: Color IQTM quantum dots help boost company’s focus on superior color reproduction September 3rd, 2015

QEOS and GLOBALFOUNDRIES to Offer Industry’s First CMOS Platform for MillimeterWave Markets: GLOBALSOLUTIONSSM Partnership will enable next-generation wireless technologies for applications in IoT, 5G and automotive September 3rd, 2015

Investments/IPO's/Splits

Nanometrics to Participate in the Citi 2015 Global Technology Conference August 26th, 2015

Nanostart AG: First-half figures 2015 published and new supervisory board elected : Publication of first-half figures 2015 - Shareholders' meeting elected new supervisory board August 22nd, 2015

Harris & Harris Group Portfolio Company, AgBiome, Secures $34.5 Million Series B Financing Led By Bill and Melinda Gates Foundation August 20th, 2015

Harris & Harris Group Reports Financial Statements as of June 30, 2015, and Announces a Stock Repurchase Program August 10th, 2015

Announcements

Multi-million pound project to use nanotechnology to improve safety September 4th, 2015

Magnetic wormhole connecting 2 regions of space created for the first time: The device could have applications in medicine, opening up ways to make MRIs more comfortable for patients September 4th, 2015

Making nanowires from protein and DNA September 3rd, 2015

Making fuel from light: Argonne research sheds light on photosynthesis and creation of solar fuel September 3rd, 2015

Financial Reports

Small but heading for the big time: Nanobiotix half year results for the six months ended 30 June 2015, in line with expectations: Major clinical achievements and corporate developments August 28th, 2015

Nanostart AG: First-half figures 2015 published and new supervisory board elected : Publication of first-half figures 2015 - Shareholders' meeting elected new supervisory board August 22nd, 2015

Industrial Nanotech, Inc. CEO Announces PCAOB Audit, Next Generation Of Current Products, New Products, New Website, New Global Outreach Program August 11th, 2015

Harris & Harris Group Reports Financial Statements as of June 30, 2015, and Announces a Stock Repurchase Program August 10th, 2015

Energy

Making fuel from light: Argonne research sheds light on photosynthesis and creation of solar fuel September 3rd, 2015

For 2-D boron, it's all about that base: Rice University theorists show flat boron form would depend on metal substrates September 2nd, 2015

Phagraphene, a 'relative' of graphene, discovered September 2nd, 2015

RUSNANOPRIZE Directorate Announces New Deadline for Nominations Submission – September 11, 2015 September 1st, 2015

Automotive/Transportation

QEOS and GLOBALFOUNDRIES to Offer Industry’s First CMOS Platform for MillimeterWave Markets: GLOBALSOLUTIONSSM Partnership will enable next-generation wireless technologies for applications in IoT, 5G and automotive September 3rd, 2015

CWRU researchers efficiently charge a lithium-ion battery with solar cell: Coupling with perovskite solar cell holds potential for cleaner cars and more August 27th, 2015

Lehigh University-DuPont tribology research seeks to reduce wear and waste August 13th, 2015

Flexible dielectric polymer can stand the heat August 6th, 2015

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

Artificial leaf harnesses sunlight for efficient fuel production August 30th, 2015

CWRU researchers efficiently charge a lithium-ion battery with solar cell: Coupling with perovskite solar cell holds potential for cleaner cars and more August 27th, 2015

'Diamonds from the sky' approach turns CO2 into valuable products August 19th, 2015

Drexel engineers 'sandwich' atomic layers to make new materials for energy storage August 15th, 2015

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

Multi-million pound project to use nanotechnology to improve safety September 4th, 2015

Making nanowires from protein and DNA September 3rd, 2015

Reversible Writing with Light: Self-assembling nanoparticles take their cues from their surroundings September 3rd, 2015

A marine creature's magic trick explained: Crystal structures on the sea sapphire's back appear differently depending on the angle of reflection September 2nd, 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







Car Brands
Buy website traffic