Ener sells batteries to major Euro auto maker and Tier 1 OEM

by Domenick Yoney (RSS feed) on Nov 15th 2008 at 1:41PM

There may be a lot of people wearing frowns in corporate America today but we are happy to report such is not the case over at lithium ion battery maker, Ener1. Their 3rd quarter conference call seemed to have only two kinds of news; good and ~~gooder~~ more good. Example? They have doubled the revenue and halved the losses of the same period a year ago. More? The Th!nk program is progressing nicely and they expect the first cars with their packs to ship some time in the first quarter. While their aquistion of Enertech has given them a factory full of equipment and ready to go, work on their Indiana factory is progressing on time (picture of coating machine from their website)

The other ~~good~~ ~~gooder~~ great news is that they've made a couple new deals. One will see them supply a couple battery packs to one of the "largest car manufacturers in Europe" for a plug-in electric car program. They should hold about 13 Kwh of energy which could give the vehicle around 40 miles of all-electric range. The other deal involves supplying a pack for an electric car for a top original equipment manufacturer (OEM) which will be demonstrated for that companies customer by the end of this year. To sum it all up, even if they don't hit the $700 million in revenue that CEO Charles Gassenheimer says is possible by 2012, they future looks pretty good for Ener1.

Gallery: EVS23: Enerdel booth

[Source: Seeking Alpha / GreenStocks]

Filed under: EV/Plug-in, Hybrid, Manufacturing/Plants, USA

Tags: Charles Gassenheimer, CharlesGassenheimer, conference call, ConferenceCall, Ener1, Enerdel

Reader Comments (Page 1 of 1)

Lad 3:11PM (11/15/2008)

After reading about Li ion batteries over the years and knowing they were laboratory vaporware, It is difficult for me to believe someone is actually going to bring the product to the market place; you mean that the oil companies, the auto lobbying groups and Saudi Arabia are acually going to allow this? I'm moved to tears!

↓↑report

Joe B. 4:14PM (11/17/2008)

The Federal Government is about to change the whole investment landscape. Look up Kyoto Protocol. We will signing on soon. Europe and Japan have led the way. The U.S. will be one of the last major industrial power to adopt it. Once adopted its all go for green tech. The U.K. will start trading carbon credits by the end of this year.

↓↑report

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