Battery cell company Ener1 to acquire stake in South Korean battery producer Enertech

20 October 2008

Ener1 has agreed to acquire an 83 per cent interest in South Korean lithium-ion battery cell producer Enertech International.

The purchase follows the recent announcement of Ener1’s plans to expand the manufacturing capacity of its lithium-ion automotive battery subsidiary, EnerDel. The acquisition is intended to both broaden and expand Ener1’s production capabilities at a time when automakers worldwide are preparing to launch a new generation of hybrid and electric vehicles, the company said in a statement.

‘Enertech is one of the largest lithium-ion battery producers in Korea, behind only LG Chemical and Samsung,’ said Ener1 CEO Charles Gassenheimer. ‘This acquisition gives us immediate scale and volume manufacturing ability, as well as an important beachhead for supplying Asian car makers that plan to use lithium-ion technology in their electric drive vehicles.’

Gassenheimer believes the acquisition will provide immediate synergies, and add valuable expertise from Enertech’s highly respected engineering team to help accelerate expansion of the Indiana plant.
‘This is a unique opportunity for Ener1 to meet the rapidly growing demand for lithium-ion technology from automakers worldwide by securing a fully-operational production facility on terms that strengthen our balance sheet and enhance our position in the industry,’ he added.

Enertech specialises in producing large format flat cells. The company operates a 200,000-square foot plant outside Seoul capable of producing cells for 15,000 electric vehicle battery packs per year.
Enertech was formerly part of the Saehan Group, which was spun out of the Samsung Group.
In August, Enertech announced a major expansion at its two Indiana facilities and plans to break ground on a third plant.

In August, Ener1 took full ownership of its EnerDel subsidiary by purchasing a 19.5 per cent stake held by Delphi Automotive.

Ener1 develops and manufactures lithium-ion batteries to power the next generation of hybrid and electric vehicles.

Major shareholders of Ener1 include Ener1 Group, a privately held investment and advisory firm, and ITOCHU Corporation, a Japanese trading company and distributor of manufacturing equipment essential to lithium-ion battery production.
In addition to battery technology, Ener1 develops commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary.

Copyright © 2008 newnet

Tags: battery, electric vehicle, fuel cell, hybrid

This story was published on Monday, October 20th, 2008 at 2:35 pm and is filed under Asia, North America, deals, energy storage, news. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply