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file | filename |
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EX-1.2 - ENER1 INC | v207004_ex1-2.htm |
EX-1.3 - ENER1 INC | v207004_ex1-3.htm |
EX-1.4 - ENER1 INC | v207004_ex1-4.htm |
EX-1.1 - ENER1 INC | v207004_ex1-1.htm |
8-K - ENER1 INC | v207004_8k.htm |
Media
Contact:
|
Investor
Relations Contact:
|
|
Brian
Sinderson
|
Aimee
Gordon
|
|
Ener1,
Inc.
|
Ener1,
Inc.
|
|
Phone:
212.920.3500 X117
|
Phone:
212.920.3500 X106
|
|
Email:
brian.sinderson@ener1.com
|
|
Email:
agordon@ener1.com
|
FOR IMMEDIATE
RELEASE
ENER1
Completes $25-Million Capital Raise
NEW YORK
(January 3, 2011) – ENER1, Inc. (NASDAQ: HEV), a leading manufacturer of
lithium-ion energy storage systems for transportation, utility grid and
industrial electronics applications, today announced the sale of $25 million of
senior unsecured notes, together with shares of common stock and warrants, to
certain investors, led by funds managed by Goldman Sachs Asset Management,
L.P.
INSERT
LOGO
Along
with funds from an existing grant from the U.S. Department of Energy under the
American Recovery and Reinvestment Act, Ener1 will use the proceeds from the
sale primarily to continue building out production capacity in the U.S. and for
working capital to support existing projects with customers in the grid energy
storage and transportation sectors. In addition to its growing relationships
with car makers THINK and Volvo, Ener1 has made substantial progress with U.S.
and international customers in the heavy-duty transportation market, a key
company focus for 2011 and beyond.
“Ener1 is
strategically scaling its global manufacturing capabilities to meet the demand
for our recently announced customer programs, including a $40-million utility
supply agreement with the Russian Federal Grid Company,” said Chairman and CEO
Charles Gassenheimer. “We continue to see strong interest for our Li-ion
battery systems solutions for customers across all three of our product
verticals.
“The
progress that was made in 2010 lays an excellent foundation for further growth
and expansion. Access to the capital markets through transactions like this is
critical to our continued success. We greatly appreciate the continued support
from these investors.”
The notes
are payable in 10 equal quarterly installments, with a coupon of 8.25 percent.
The first installment is due on July 1, 2011. Payments on the
notes are structured in the same way as they were for the notes sold in
September 2010. Both these notes and the earlier ones provide Ener1
the option of paying principal and interest entirely in cash, in stock (subject
to satisfying certain conditions), or a combination of cash and
stock. Ener1 has elected to make the first quarterly installment
payment on the September notes in cash.
- more
-
About
Ener1, Inc.
Ener1,
Inc. is a publicly traded (NASDAQ:HEV) energy technology company that develops
compact, lithium-ion-powered battery solutions for the transportation, utility
grid storage and consumer markets. Headquartered in New York City,
the company has more than 700 employees with manufacturing locations in the
United States and Korea. Ener1 also develops commercial fuel cell
products, nanotechnology-based materials and manufacturing
processes. In collaboration with strategic partner and electric
vehicle manufacturer THINK, Ener1 also manufactures electric vehicle drive train
products.
This
press release does not constitute an offer to sell or a solicitation of an offer
to buy common stock, 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.
# #
#
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.