Attached files
| file | filename |
|---|---|
| 8-K - ENER1 INC | v195981_8k.htm |
| EX-1.3 - ENER1 INC | v195981_ex1-3.htm |
| EX-1.2 - ENER1 INC | v195981_ex1-2.htm |
| EX-1.4 - ENER1 INC | v195981_ex1-4.htm |
| EX-1.1 - ENER1 INC | v195981_ex1-1.htm |
Exhibit
99.1
CORPORATE
COMMUNICATIONS
Rachel
Carroll
ENER1 Inc.
Phone:
212 920 3500
Email:
rcarroll@ener1.com
ENER1
Announces $65 Million Capital Raise
New York,
NY (September 3, 2010) – ENER1, Inc. (NASDAQ: HEV)
today announced that it has agreed to sell $55 million of senior unsecured
notes, together with shares of common stock and warrants, to certain investment
funds, led by funds managed by Goldman Sachs Asset Management, L.P. In addition,
the company also announced the sale of $10 million in senior convertible notes
to strategic partner ITOCHU Corporation. This follows a $65 million investment
from principal shareholder Ener1 Group in June of this year, and a $20 million
investment from ITOCHU Corporation in December, 2009. The sale of the senior
notes is subject to customary closing conditions, and is expected to be
completed on or before September 8, 2010.
Ener1
will use these funds along with its grant from the United States Department of
Energy under the American Recovery and Reinvestment Act, for general operating
expenditures and to help pursue its intended manufacturing plans to install 260
MW, or capacity for 11,000 electric vehicle battery packs, at its three
Indianapolis facilities.
“Ener1
has heavily invested in expanding its global manufacturing operations in
response to the anticipated demand from the grid energy storage, transportation
and small cell markets, allowing us to meet our growth objectives,” commented
Chairman and CEO Charles Gassenheimer. “We are appreciative of the vote of
confidence that our shareholders have placed in Ener1’s management team to
execute its business plan.”
The
principal of the notes is payable in 10 equal quarterly installments with a
coupon of 8.25 percent. The first such installment is due on January 2011. The
notes provide Ener1 with the option of paying principal and interest entirely in
cash or, subject to the satisfaction of certain conditions, in stock, or a
combination of cash and stock.
The
Company is required to file a registration statement with the Securities and
Exchange Commission for the resale of shares of common stock delivered in
payment of principal and interest installments. JMP Securities LLC acted as the
exclusive placement agent for the transaction.
Ener1
will be presenting at investor conferences in September, including the Credit
Suisse Automotive and Transportation Conference, the Cowen Clean Energy Forum,
the Wedbush Clean Technology and Industrial Growth Conference, the Deutsche Bank
Technology Conference and the Paris Auto Show sponsored by UBS.
Exhibit
99.1
This
press release shall not constitute an offer to sell or a solicitation of an
offer to buy notes or any other securities, nor shall there be any sale of such
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About
Ener1, Inc.
Ener1
develops and manufactures compact, high performance lithium-ion batteries to
power the next generation of hybrid, plug-in hybrid and pure 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. In addition to the automobile market, applications for Ener1
lithium-ion battery technology include the military, grid storage and other
growing markets. Ener1 also 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.
Safe
Harbor Statement
Certain
statements made in this press release constitute forward-looking statements that
are based on management's expectations, estimates, projections and assumptions.
Words such as "expects," "anticipates," "plans," "believes," "scheduled,"
"estimates" and variations of these words and similar expressions are intended
to identify forward-looking statements. Forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended. These statements are not guarantees of future
performance and involve certain risks and uncertainties, 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.
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