Nanotechnology Now

Our NanoNews Digest Sponsors
Heifer International



Home > Press > Lithium-Ion Battery Maker Ener1 Receives $20 Million Strategic Equity Investment from ITOCHU Corporation

Abstract:
Large-format lithium-ion battery maker Ener1, Inc. (Nasdaq: HEV) today announced that it has received $20 million in fresh investment capital from ITOCHU Corporation, a Japanese commercial trading giant with deep ties in the automotive, utility and renewable energy industries. ITOCHU purchased 3.2 million shares of common stock from Ener1 at a price of $6.18 per share.

Lithium-Ion Battery Maker Ener1 Receives $20 Million Strategic Equity Investment from ITOCHU Corporation

New York, NY | Posted on December 7th, 2009

"ITOCHU has been an invaluable strategic partner for Ener1, supplying capital at important phases in the company's growth and granting vital access to materials and equipment," said Ener1 Chairman and CEO Charles Gassenheimer. "Their deeply rooted relationships with many of the world's leading companies involved in grid storage and electric drive continues to foster new relationships and open doors to compelling commercial opportunities."

Ener1 produces high performance battery systems for the automotive and electric utility markets through its EnerDel subsidiary in Indianapolis, Indiana, which operates one of the most advanced production facilities of its kind in the world. In August, the company received a $118 million cost-share grant from the U.S. Department of Energy, which will be used to help double the company's domestic production capacity.

Recent announcements stemming from Ener1's partnership with ITOCHU include the first project in the world linking grid storage, electric vehicles, rapid recharging infrastructure and solar power, working alongside Mazda Corporation and Think Global electric vehicle company; the conversion of Japanese Postal trucks in the Kanagawa and Tokyo Prefectures; and the development of one of the world's most advanced rapid recharge technologies, working alongside Kyushu Electric Power (KEPCO), the fourth largest power and utility company in Japan.

"We are very excited that we can enhance the strategic partnership between Ener1 and ITOCHU that started in 2003," said Greg Kasagawa, Executive Officer and COO Aerospace and Electronics Division. "We believe that leading edge technologies which Ener1 companies hold and ITOCHU's global market reach will present excellent opportunities to create multiple applications and business models."

Separately, EnerDel has active relationships underway with automakers Think, Volvo, Mazda, Nissan and Fisker. Their battery packs are also being tested by the U.S. Department of Defense in a prototype hybrid Humvee. Last month, the company was chosen to supply the batteries that will power a DOE-funded smart grid energy storage project by Portland General Electric (PGE) that will help manage peak demand and smooth the variations in power from renewable sources like wind and solar.

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.

####

About Ener1
In the automotive industry and the energy sector as a whole, we are seeing an important paradigm shift. Ener1 is at the forefront of performance and efficiency-harnessing technologies for the automotive industry and beyond.

Spearheading the national movement towards domestic high-performance battery production, Ener1's business model is backed by strong research, development and production capabilities, and a prominent roster of strategic partnerships. The company is able to maintain end-to-end capabilities that are positioning it as an energy storage leader. In addition, our dynamic management team and board of directors bring the experience and expertise necessary to make our goal of becoming the leader in the energy storage space a reality.

For more information, please click here

Contacts:
www.ener1.com/?q=content/enerdel-contact

Copyright © PRNewswire

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

INRS and ELI deepen strategic partnership to train the next generation in laser science:PhD students will benefit from international mobility and privileged access to cutting-edge infrastructure June 6th, 2025

Electrifying results shed light on graphene foam as a potential material for lab grown cartilage June 6th, 2025

Quantum computers simulate fundamental physics: shedding light on the building blocks of nature June 6th, 2025

A 1960s idea inspires NBI researchers to study hitherto inaccessible quantum states June 6th, 2025

Govt.-Legislation/Regulation/Funding/Policy

INRS and ELI deepen strategic partnership to train the next generation in laser science:PhD students will benefit from international mobility and privileged access to cutting-edge infrastructure June 6th, 2025

Electrifying results shed light on graphene foam as a potential material for lab grown cartilage June 6th, 2025

Institute for Nanoscience hosts annual proposal planning meeting May 16th, 2025

Rice researchers harness gravity to create low-cost device for rapid cell analysis February 28th, 2025

Investments/IPO's/Splits

Daikin Industries becomes OCSiAl shareholder July 27th, 2021

180 Degree Capital Corp. Reports +14.2% Growth in Q1 2021, $10.60 Net Asset Value Per Share as of March 31, 2021, and Developments From Q2 2021 May 11th, 2021

INBRAIN Neuroelectronics raises over €14M to develop smart graphene-based neural implants for personalised therapies in brain disorders March 26th, 2021

180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. March 26th, 2021

Announcements

INRS and ELI deepen strategic partnership to train the next generation in laser science:PhD students will benefit from international mobility and privileged access to cutting-edge infrastructure June 6th, 2025

Electrifying results shed light on graphene foam as a potential material for lab grown cartilage June 6th, 2025

Quantum computers simulate fundamental physics: shedding light on the building blocks of nature June 6th, 2025

A 1960s idea inspires NBI researchers to study hitherto inaccessible quantum states June 6th, 2025

Energy

Portable Raman analyzer detects hydrogen leaks from a distance: Device senses tiny concentration changes of hydrogen in ambient air, offering a dependable way to detect and locate leaks in pipelines and industrial systems April 25th, 2025

KAIST researchers introduce new and improved, next-generation perovskite solar cell​ November 8th, 2024

Unveiling the power of hot carriers in plasmonic nanostructures August 16th, 2024

Groundbreaking precision in single-molecule optoelectronics August 16th, 2024

Automotive/Transportation

Portable Raman analyzer detects hydrogen leaks from a distance: Device senses tiny concentration changes of hydrogen in ambient air, offering a dependable way to detect and locate leaks in pipelines and industrial systems April 25th, 2025

Leading the charge to better batteries February 28th, 2025

Researchers are cracking the code on solid-state batteries: Using a combination of advanced imagery and ultra-thin coatings, University of Missouri researchers are working to revolutionize solid-state battery performance February 28th, 2025

Giving batteries a longer life with the Advanced Photon Source: New research uncovers a hydrogen-centered mechanism that triggers degradation in the lithium-ion batteries that power electric vehicles September 13th, 2024

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

Enhancing power factor of p- and n-type single-walled carbon nanotubes April 25th, 2025

Leading the charge to better batteries February 28th, 2025

Researchers are cracking the code on solid-state batteries: Using a combination of advanced imagery and ultra-thin coatings, University of Missouri researchers are working to revolutionize solid-state battery performance February 28th, 2025

Enhancing transverse thermoelectric conversion performance in magnetic materials with tilted structural design: A new approach to developing practical thermoelectric technologies December 13th, 2024

Alliances/Trade associations/Partnerships/Distributorships

Manchester graphene spin-out signs $1billion game-changing deal to help tackle global sustainability challenges: Landmark deal for the commercialisation of graphene April 14th, 2023

Chicago Quantum Exchange welcomes six new partners highlighting quantum technology solutions, from Chicago and beyond September 23rd, 2022

CEA & Partners Present ‘Powerful Step Towards Industrialization’ Of Linear Si Quantum Dot Arrays Using FDSOI Material at VLSI Symposium: Invited paper reports 3-step characterization chain and resulting methodologies and metrics that accelerate learning, provide data on device pe June 17th, 2022

University of Illinois Chicago joins Brookhaven Lab's Quantum Center June 10th, 2022

Solar/Photovoltaic

KAIST researchers introduce new and improved, next-generation perovskite solar cell​ November 8th, 2024

Groundbreaking precision in single-molecule optoelectronics August 16th, 2024

Development of zinc oxide nanopagoda array photoelectrode: photoelectrochemical water-splitting hydrogen production January 12th, 2024

Shedding light on unique conduction mechanisms in a new type of perovskite oxide November 17th, 2023

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project