Electrical Vehicle Battery Maker Ener1 Raises $65 Million Investment Round
Posted in Battery Technology, Electric Vehicles on September 3rd, 2010 by News Desk –
New York, N.Y. – Ener1, a maker of lithium-ion batteries for hybrid, plug-in hybrid and pure electric vehicles, announced on Friday that it has raised $55 million in a private placement of debt and equity with a group of investment funds managed by Goldman Sachs.
Ener1 (Nasdaq: HEV) also announced the sale of $10 million in convertible notes to its strategic partner ITOCHU.
Ener1 makes rechargeable lithium-ion batteries and battery systems for energy storage in the U.S. and South Korea. The company said it will use the new investment funds partly to support its plan for installing additional electrical vehicle battery pack manufacturing capacity at its three Indianapolis facilities.
The company recently received funds from the U.S. Department of Energy, under the American Recovery and Reinvestment Act, to support the installation of 260 megawatts (or capacity for 11,000 electric vehicle battery packs) in Indianapolis.
In addition to the auto industry, the company makes products for the military, grid storage and other sectors. Ener1 also develops commercial fuel cell products and nanotechnology-based materials and manufacturing processes for batteries and other applications.
