NEW YORK, March 22 Ener1 Inc HEV.O, which
makes electric car batteries, could be poised to cash in on the
push toward more environmentally friendly cars, but faces
questions about its ownership structure and customer base,
Barron's reports in its most recent issue.
In its March 23 issue, Barron's notes that if Ener1
estimates that if it could win 5 percent to 12 percent of the
market for electric batteries, it could post $2.1 billion in
annual revenue with 15 percent margins.
The article notes, however, that for now Ener1 "has just
one major publicly disclosed customer: Think Global, a
Norwegian electric-car maker that temporarily halted production
It also cited questions about Ener1's ownership structure.
"As of late February, some 62 percent of Ener1's
outstanding shares were owned by privately held Ener1 Group,"
the article reports.
It adds, "In turn, 66 percent of Ener1 Group -- a recent
participant in a $5.7 million loan to Think Global, which is
trying to emerge from bankruptcy -- is held by Bzinfin, a
British Virgin Islands company whose 'indirect beneficial
owner' is Boris Zingarevich, a Russian businessman. Zingarevich
has close ties to Russian President Dmitry Medvedev and Prime
Minister Vladimir Putin."
Shares of Ener1 closed at $4.24 on Nasdaq on Friday.
(Reporting by Paul Thomasch; editing by Richard Chang)