Large format lithium ion battery maker Ener1 has received US$20m in fresh investment capital from Itochu Corporation, a Japanese commercial trading giant ties to the automotive, utility and renewable energy industries. Itochu purchased 3.2m shares in Ener1 at US$6.18 each.
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“Itochu has been an invaluable strategic partner for Ener1, supplying capital at important phases in the company’s growth and granting vital access to materials and equipment,” said Ener1 chairman and CEO Charles Gassenheimer. “Their deeply rooted relationships with many of the world’s leading companies involved in grid storage and electric drive continues to foster new relationships and open doors to compelling commercial opportunities.”
Ener1 produces high performance battery systems for the automotive and electric utility markets through its EnerDel subsidiary in Indianapolis, Indiana. Last August, the company received a $118m cost share grant from the US Department of Energy, which will be used to help double the company’s domestic production capacity.
Recent announcements stemming from Ener1’s partnership with Itochu include the first project in the world linking grid storage, electric vehicles, rapid recharging infrastructure and solar power, working alongside Mazda Corporation and the Think Global electric vehicle company; the conversion of Japanese postal trucks in the Kanagawa and Tokyo prefectures; and the development of advanced rapid recharge technologies with Kyushu Electric Power (KEPCO), the fourth largest power and utility company in Japan.
Separately, EnerDel has active relationships underway with automakers Think, Volvo, Mazda, Nissan and Fisker. The supplier’s battery packs are also being tested by the US Department of Defense in a prototype hybrid Humvee. Last month, the company was chosen to supply the batteries that will power a DOE-funded smart grid energy storage project by Portland General Electric (PGE) that will help manage peak demand and smooth the variations in power from renewable sources like wind and solar.
