Extended Road Tests Underway in Europe for Plug-in Hybrids Due in 2012
NEW YORK, July 13 /PRNewswire-FirstCall/ -- Volvo Car Corporation has chosen
advanced, American-made lithium-ion battery systems designed and produced by
Ener1, Inc. (Nasdaq: HEV) to power a pair of plug-in hybrid V70 demonstration
cars being put through their paces across Europe this fall as part of a
rigorous development program leading up to the planned 2012 commercial launch
of a production plug-in model. The project is a joint venture between Volvo
and Vattenfall, one of Europe's largest electric utility companies and a
leading proponent of electric vehicle infrastructure build-out.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080312/CLW018LOGO )
With a single charge from an ordinary household socket, the cars can run up to
31 miles (50 kilometers) using only battery electric power, more than meeting
average daily commuting needs for the vast majority of drivers. Beyond the
electric-only range, a highly fuel-efficient diesel engine kicks seamlessly in
to power the vehicle without interruption.
"These cars and the battery systems constitute a tremendous engineering
achievement and a major step forward in the commercial evolution of electric
drivetrain technology," said Ener1 CEO Charles Gassenheimer. "Volvo is every
bit as demanding as you would expect. They approached this program with the
same relentless passion for safety, quality and reliability that made them
famous. You can't ask for a better performance measure than that."
Made by Ener1's manufacturing arm, EnerDel, the batteries were custom built
for this real world test program, to be operated in one of the most advanced
automotive and utility partnerships in the industry. A standard production car
was deliberately chosen as the platform in order to prove broad applicability
of the technology in otherwise conventional automobiles. The diesel engine
will eventually run on renewable biodiesel as well as standard blends.
"Efficient, durable high-performance batteries are a vital element in plug-in
hybrid and electric drive vehicles. They have to work year-in, year-out under
harsh conditions and extreme temperatures, which means engineering and design
are absolutely critical," said Anders Bjornberg, Hybrid Vehicle Specialist at
Volvo Cars Hybrid Centre.
The cars will be used to gather information and experience about the driving
habits and performance expectations of everyday motorists using the new
technology, as well as their actual charging needs. Vattenfall will test
different concepts for high-speed home charging, as well as charging stations
in public places, where owners pay to fuel with electricity instead of liquid
fossil fuels.
The partnership between Volvo and Vattenfall began in January, 2007, and has
been advancing on a fast track. With the current project, both companies say
cooperation is now being taken to the next level. The goal is to produce
plug-in hybrid vehicles and introducing them on the market as early as 2012.
Vattenfall is Europe's fifth largest generator of electricity, with operations
in Denmark, Finland, Germany, United Kingdom, Poland and Sweden. Vattenfall is
active at all stages of the electricity value chain - generation,
transmission, distribution and sales. Vattenfall also generates, distributes
and sells heat, and conducts energy trading and lignite mining.
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and assumptions. Words such as "expects," "anticipates," "plans," "believes,"
"scheduled," "estimates" and variations of these words and similar expressions
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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 (Nasdaq: 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: rcarroll@ener1.com
MEDIA RELATIONS:
Jon Coifman
Waggener Edstrom Worldwide
P: 212 551 4815
E: jcoifman@waggeneredstrom.com
SOURCE Ener1, Inc.
INVESTOR RELATIONS: Rachel Carroll, VP Corporate Communications,
+1-212-920-3500, rcarroll@ener1.com; or MEDIA RELATIONS: Jon Coifman, Waggener
Edstrom Worldwide, +1-212-551-4815, jcoifman@waggeneredstrom.com
