Nanotechnology Now

Our NanoNews Digest Sponsors



Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > Ener1 Completes $25-Million Capital Raise

Abstract:
Ener1, Inc. (Nasdaq: HEV), a leading manufacturer of lithium-ion energy storage systems for transportation, utility grid and industrial electronics applications, today announced the sale of $25 million of senior unsecured notes, together with shares of common stock and warrants, to certain investors, led by funds managed by Goldman Sachs Asset Management, L.P.

Ener1 Completes $25-Million Capital Raise

New York, NY | Posted on January 4th, 2011

Along with funds from an existing grant from the U.S. Department of Energy under the American Recovery and Reinvestment Act, Ener1 will use the proceeds from the sale primarily to continue building out production capacity in the U.S. and for working capital to support existing projects with customers in the grid energy storage and transportation sectors. In addition to its growing relationships with car makers THINK and Volvo, Ener1 has made substantial progress with U.S. and international customers in the heavy-duty transportation market, a key company focus for 2011 and beyond.

"Ener1 is strategically scaling its global manufacturing capabilities to meet the demand for our recently announced customer programs, including a $40-million utility supply agreement with the Russian Federal Grid Company," said Chairman and CEO Charles Gassenheimer. "We continue to see strong interest for our Li-ion battery systems solutions for customers across all three of our product verticals.

"The progress that was made in 2010 lays an excellent foundation for further growth and expansion. Access to the capital markets through transactions like this is critical to our continued success. We greatly appreciate the continued support from these investors."

The notes are payable in 10 equal quarterly installments, with a coupon of 8.25 percent. The first installment is due on July 1, 2011. Payments on the notes are structured in the same way as they were for the notes sold in September 2010. Both these notes and the earlier ones provide Ener1 the option of paying principal and interest entirely in cash, in stock (subject to satisfying certain conditions), or a combination of cash and stock. Ener1 has elected to make the first quarterly installment payment on the September notes in cash.

This press release does not constitute an offer to sell or a solicitation of an offer to buy common stock, 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.

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.

####

About Ener1
Ener1, Inc. is a publicly traded (NASDAQ: HEV) energy technology company that develops compact, lithium-ion-powered battery solutions for the transportation, utility grid storage and consumer markets. Headquartered in New York City, the company has more than 700 employees with manufacturing locations in the United States and Korea. Ener1 also develops commercial fuel cell products, nanotechnology-based materials and manufacturing processes. In collaboration with strategic partner and electric vehicle manufacturer THINK, Ener1 also manufactures electric vehicle drive train products.

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

Researchers engineer improvements of technology used in digital memory November 24th, 2014

Research reveals how our bodies keep unwelcome visitors out of cell nuclei November 24th, 2014

An Inside Job: UC-Designed Nanoparticles Infiltrate, Kill Cancer Cells From Within November 24th, 2014

Cooling with the coldest matter in the world November 24th, 2014

Announcements

Research reveals how our bodies keep unwelcome visitors out of cell nuclei November 24th, 2014

ASU, IBM move ultrafast, low-cost DNA sequencing technology a step closer to reality November 24th, 2014

An Inside Job: UC-Designed Nanoparticles Infiltrate, Kill Cancer Cells From Within November 24th, 2014

Cooling with the coldest matter in the world November 24th, 2014

Financial Reports

Harris & Harris Group Reports Financial Statements as of September 30, 2014 November 11th, 2014

Harris & Harris Group to Host Conference Call on Third Quarter 2014 Financial Results on November 12, 2014 November 3rd, 2014

Aspen Aerogels, Inc. Schedules Third Quarter 2014 Earnings Release and Conference Call for November 6, 2014 October 17th, 2014

Nanometrics to Announce Third Quarter Financial Results on October 28, 2014 October 8th, 2014

Energy

UO-industry collaboration points to improved nanomaterials: University of Oregon microscope puts spotlight on the surface structure of quantum dots for designing new solar devices November 20th, 2014

Eight19 secures £1m funding: Investment to develop production technology, and expand commercial activities for organic photovoltaics November 19th, 2014

Total Nanofiber Solutions Company FibeRio® Launches The Fiber Engine® FX Series Systems with 10X Increase in Output November 18th, 2014

Researchers create & control spin waves, lifting prospects for enhanced info processing November 17th, 2014

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

SUNY Poly Student Awarded Fellowship with the U.S. Department of Energy's Postgraduate Research Program: Ph.D. Candidate Accepts Postmaster's Appointment To Conduct Research At Albany NanoTech Complex November 13th, 2014

MEMS Industry Group's 10th Annual Executive Conference Showcases Rapid Innovation in MEMS/Sensors: Emphasizes Spirit of Collaboration, Supporting First Open-Source Algorithm Community, New Standardization Efforts November 10th, 2014

Microrockets fueled by water neutralize chemical and biological warfare agents October 29th, 2014

New nanodevice to improve cancer treatment monitoring October 27th, 2014

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







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE