Key Developments For Ener1, Inc.
Ener1, Inc. (HEV.O) (Consolidated Issue listed on NASDAQ Global Market)
Ener1, Inc.'s EnerDel, Inc. Wins U.S. Army Contract To Develop Batteries For New Hybrid Humvee
EnerDel, Inc. announced that it will be working with the United States Army to develop a battery system for the hybrid version of the iconic High Mobility Multipurpose Wheeled Vehicle (HMMWV or Humvee), known as the XM1124 Humvee. The company, a subsidiary of Ener1, Inc., has received a $1.29 million contract to design and build high-performance lithium-ion battery systems for two different applications, drawing on its expertise in multiple-chemistry solutions and ability to provide a complete architecture in cell chemistry, electronics and battery systems design. EnerDel will spend the next 18 months collaborating with the U.S. Army Tank Automotive Research, Development and Engineering Center (TARDEC) to produce four custom-built power systems that will be subjected to extreme performance simulations. TARDEC will be testing two of EnerDel's battery chemistries. In addition to its lithium-manganese spinel chemistry, best suited for extending electric vehicle range or electronic systems runtime, the program will also be testing EnerDel's lithium-titanate system, an advanced chemistry developed in collaboration with Argonne National Laboratory in Chicago, designed for extreme high-power hybrids that require hard acceleration and braking.
Ener1, Inc. And Volvo Cars Team Up To Provide Lithium-Ion Power
Ener1, Inc. announced that it is teaming-up with Volvo Car Corporation to provide American-made lithium-ion batteries for the Volvo C30 Battery Electric Vehicle prototype. The battery is designed and developed in the United States by EnerDel, Inc., Ener1's United States battery subsidiary.
Ener1, Inc. Names Richard L. Stanley As President
Ener1, Inc. announced that it has named Richard L. Stanley as Company President.
Ener1, Inc. Takes Stake In Electric Vehicle Maker Think Global AS
Ener1, Inc. announced that it plans to inject $47 million of equity funding into Think Global AS. Ener1, Inc. has agreed to invest approximately $18 million in three tranches, and convert an additional $3.0 million in debt for convertible preferred shares of Think, effectively transferring the 10% equity stake held by Ener1 Group to Ener1, Inc. Once all stages are complete, Ener1, Inc. will hold approximately a 31% stake in Think. EnerDel and Think have also agreed to enter into a new long-term battery supply agreement as part of the transaction. EnerDel will receive certain exclusivity rights for the supply of batteries for Think's current and upcoming new vehicle models.
Ener1, Inc. Appoints PricewaterhouseCoopers LLP As Independent Auditors
Ener1, Inc. announced that the Audit Committee of its Board of Directors appointed PricewaterhouseCoopers LLP (PwC) as its independent registered public accounting firm. PwC replaces Ener1's previous independent auditors, Malone & Bailey, PC.
