Electric Vehicles

EV Battery Maker Draws $65M Cash Infusion

June 01, 2010

NEW YORK - Ener1 Inc., a global maker of lithium-ion batteries for electric vehicles and other applications, said it has received a $65 million cash infusion from its main shareholder. 

Ener1 Inc. announced it has executed the agreement with Ener1 Group. The agreement provides for a capital commitment through Ener1 Group's purchase of $65 million worth of Ener1 Inc. stock and warrants. 

"The commitment of new capital from Ener1 Group is another strong vote of confidence from our most significant shareholder," said Ener1 Inc. CEO and Chairman Charles Gassenheimer. "Even in this difficult capital markets environment, Ener1 has a compelling growth story that is clearly able to attract the type of long-term private equity capital needed to scale our business." 

Ener1 Inc. owns EnerDel, which has applied for a $480 million loan from the U.S. Department of Energy to begin high-volume battery production in Indiana. The company is set to supply Think City electric cars with lithium-ion batteries at assembly plants in Finland and Elkhart, Ind. In addition, EnerDel last week agreed to supply technology and production expertise to Chinese auto parts maker Wanxiang Group for a new lithium-ion battery venture in Hanzghou.

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