Itochu invests $20m in electric vehicle battery manufacturer

7 December 2009

NASDAQ-listed hybrid car lithium-ion battery manufacturer Ener1 has received $20m in fresh investment capital from Itochu Corporation, a Japanese commercial trading company specialising in renewable energy investments. Itochu purchased 3.2 million shares of common stock from Ener1 at a price of $6.18 per share.

‘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’s CEO, Charles Gassenheimer.

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 $118m cost-share grant from the US 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 a project linking grid storage, electric vehicles, rapid recharging infrastructure and solar power, working alongside Mazda Corporation and Think Global electric vehicle company.

EnerDel has active relationships underway with automakers Think, Volvo, Mazda, Nissan and Fisker. Their battery packs are also being tested by the US 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 that will help manage peak demand and smooth the variations in power from renewable sources like wind and solar.

Ener1 develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid, plug-in hybrid and pure electric vehicles.

Copyright © 2009 NewNet

Tags: energy efficiency, hybrid

This story was published on Monday, December 7th, 2009 at 2:26 pm and is filed under North America, deals, energy efficiency. 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.

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