Wednesday, June 02, 2010

Lithium Batteries: Ener1 to Receive $65 Million Private Placement from Parent Company HEV, TNR.v, CZX.v, RM.v, LMR.v, LI.v, WLC.v, CLQ.v, SQM, FMC, F

Money continue to flow in the Lithium sector.

"This report: "Global Energy Crunch: How different parts of the world would react to a peak oil scenario" by Joerg Friedrichs is a must read for all investors and Obama administration. We guess that actually Obama knows better than many others that there is NO More Cheap Oil Left. With Oil Spill in the headlines and late realisation about the scale of this catastrophe all dreams about cheap oil will vanish, but question remains open: what Obama will be able to chose? Are we grown up enough to push him to endorse new technologies and get off from the Oil addiction or we will witness the Crash of Empire fighting wars which will benefit only few and destroy lives of billions?"


Posted in Battery Technology on June 1st, 2010 by News Desk –
New York — Ener1, a manufacturer of large lithium-ion battery systems for automotive and utility grid applications, announced on Tuesday that it obtained a $65 million investment commitment from its principal shareholder, Ener1 Group.Ener1 Group is an investment entity established by the Russian industrialist Boris G. Zingarevich, who has interests in the forest products, commercial real estate development and clean technology industry. Zingarevich currently sits on the board of a joint venture between a Russian manufacturing company he co-founded and International Paper Company, the largest pulp and paper company in the world.
“Even in this difficult capital markets environment, Ener1 has a compelling growth story that is clearly able to attract the type of long term private equity capital needed to scale our business,” said Ener1 chairman and CEO Charles Gassenheimer. “Further evidence of this ability is reflected by our ongoing discussions with one of our significant shareholders to increase their investment in Ener1 to a level necessary to achieve positive cash flow.”
Ener1, the battery technology developer, was founded in 1985. It employs around 550 people worldwide, and is engaged in designing, developing, and manufacturing rechargeable lithium-ion batteries and battery systems for energy storage in the U.S. and South Korea.
Ener1 has development or supply contracts with the United States Advanced Battery Consortium, an umbrella organization consisting of Chrysler, Ford and General Motors, funded by the US Department of Energy and dedicated to collaborative research. The company has additional development contracts with the US Department of Energy and US Department of Defense.
The company’s strategic alliances include Argonne National Laboratory, ITOCHU, and Kyushu Electric Power (KEPCO).
The publicly traded company currently has a market valuation of around $475 million."
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