Ener1 Secures $30M Commitment; Business Plan is Fully Funded Through 2009
16 12월 2008 - 9:00PM
PR Newswire (US)
NEW YORK, Dec. 16 /PRNewswire-FirstCall/ -- Ener1, Inc. (AMEX:HEV)
announced today that it has secured a commitment for a $30 million
line of credit from its principal investor, Ener1 Group, that fully
funds the company's business plan through 2009. The terms for the
line of credit are being finalized and are anticipated to be
disclosed later this week. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080312/CLW018LOGO ) Ener1
also confirms that it remains on schedule to deliver advanced
lithium-ion battery systems to Think electric vehicle maker in
Oslo, Norway for installation in Th!nk City vehicles for commercial
sale scheduled to begin at the end of Q1 2009. Think announced
yesterday that the company is extending its holiday shutdown
period, while additional funding sources are sought, and will
resume production at the end of January. There has been no change
to Ener1's existing purchase order for $34 million. "We are secure
in our funding through the coming year, which gives us the ability
to focus solely on execution on the business side, and deliver on
our consistent promise to create long-term shareholder value," said
Ener1 CEO and Chairman Charles Gassenheimer. "The environment for
automotive suppliers and manufacturers has reached a nadir.
However, demand to supply advanced battery systems for the dozens
of hybrid and electric vehicle programs already committed to by the
world's automakers will remain healthy and robust." 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 from what is forecast in forward-looking
statements due to a variety of factors. All forward-looking
statements speak only as of the date of this press release and the
company does not undertake any obligation to update or publicly
release any revisions to forward-looking statements to reflect
events, circumstances or changes in expectations after the date of
this press release. About Ener1, Inc.: Ener1 develops and
manufactures compact, high performance lithium-ion batteries to
power the next generation of hybrid and electric vehicles. The
publicly traded company (AMEX:HEV) is led by an experienced team of
engineers and energy system experts at its EnerDel subsidiary
located in Indiana. EnerDel has developed proprietary battery
systems based on technology originally pioneered with the
assistance of the Argonne National Lab. Ener1 is seeking to become
the first company to mass-produce a cost-competitive lithium-ion
battery for hybrid and electric vehicles. Demand for battery
solutions is being driven by a need to reduce dependence on oil as
well as growing concern about vehicle emissions. In addition to the
automobile market, applications for Ener1 lithium-ion battery
technology include medical, military, aerospace, electric utility
and other growing markets. Major shareholders of Ener1 include
Ener1 Group, Inc., a privately held, global investment and advisory
firm, and ITOCHU Corporation, a Japanese trading company and
distributor of manufacturing equipment essential to lithium-ion
battery production. ITOCHU has annual revenue of approximately $90
billion and offices in more than 80 countries. Ener1 has also
received funding from a growing number of institutional investors.
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.
Contacts: INVESTOR RELATIONS Rachel Carroll VP Corporate
Communications P: 212 920 3500 E: MEDIA RELATIONS Jon Coifman
Waggener Edstrom Worldwide P: 212 551 4815 E:
http://www.newscom.com/cgi-bin/prnh/20080312/CLW018LOGO
http://photoarchive.ap.org/ DATASOURCE: Ener1, Inc. CONTACT:
Investors, Rachel Carroll, VP Corporate Communications, Ener1,
Inc., +1-212-920-3500, ; or Media, Jon Coifman of Waggener Edstrom
Worldwide, +1-212-551-4815, , for Ener1, Inc. Web site:
http://www.ener1.com/
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