Electric Vehicles

EV Battery Firm Completes $25M Capital Raise

January 04, 2011

NEW YORK - Ener1 Inc. - a leading manufacturer of lithium-ion energy storage systems for transportation and other applications - announced the sale of $25 million of senior unsecured notes, together with shares of common stock and warrants. Investors are led by funds managed by Goldman Sachs Asset Management L.P.

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.

Ener1 said that in addition to its growing relationships with car makers THINK and Volvo, the company has made substantial progress with U.S. and international customers in the heavy-duty transportation market.

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