Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


DHgate

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

Nanofiltration Membrane Market 2015 - Global Industry Survey, Analysis, Size, Share, Outlook and Forecast to 2020 July 31st, 2015

Nanozirconia Market 2015 - Global Industry Survey, Analysis, Size, Share, Outlook and Forecast to 2020 July 31st, 2015

Self-Healing Nano Anti-rust Coatings Market 2015 - Global Industry Survey, Analysis, Size, Share, Outlook and Forecast to 2020 July 31st, 2015

Nano Spray Instrument Market 2015 - Global Industry Survey, Analysis, Size, Share, Outlook and Forecast to 2020 July 31st, 2015

Announcements

Nano Spray Instrument Market 2015 - Global Industry Survey, Analysis, Size, Share, Outlook and Forecast to 2020 July 31st, 2015

Nanocellulose Market 2015 - Global Industry Survey, Analysis, Size, Share, Outlook and Forecast to 2020 July 31st, 2015

Heating and cooling with light leads to ultrafast DNA diagnostics July 31st, 2015

Theoretical Physicists at Freie Universitšt Berlin Develop New Insights into Interface between Classical and Quantum Worlds July 31st, 2015

Financial Reports

Industrial Nanotech, Inc. Provides Update on PCAOB Audited Financials July 27th, 2015

Nanometrics to Announce Second Quarter Financial Results on July 23, 2015 July 2nd, 2015

Aspen Aerogels to Webcast 2015 Annual Meeting of Stockholders June 11th, 2015

Industrial Nanotech, Inc. Provides Update June 8th, 2015

Energy

Springer and Tsinghua University Press present the second Nano Research Award: Paul Alivisatos of the University of California Berkeley receives the honor for outstanding contributions in nanoscience July 30th, 2015

Controlling Dynamic Behavior of Carbon Nanosheets in Structures Made Possible July 30th, 2015

March 2016; 6th Int'l Conference on Nanostructures in Iran July 29th, 2015

Reshaping the solar spectrum to turn light to electricity: UC Riverside researchers find a way to use the infrared region of the sun's spectrum to make solar cells more efficient July 27th, 2015

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

Heating and cooling with light leads to ultrafast DNA diagnostics July 31st, 2015

Springer and Tsinghua University Press present the second Nano Research Award: Paul Alivisatos of the University of California Berkeley receives the honor for outstanding contributions in nanoscience July 30th, 2015

European Technology Platform for Nanomedicine and ENATRANS European Consortium Launch the 2nd edition of the Nanomedicine Award: The Award to be presented at BIO-Europe conference in Munich, November 2015 July 30th, 2015

Publication on Atomic Force Microscopy based nanoscale IR Spectroscopy (AFM-IR) persists as a 2015 top downloaded paper July 29th, 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