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Tuesday, January 22, 2008
Ener1 - Hybrid Vehicle Batteries (Lithium Ion)
Image: courtesy of EnerDel (www.enerdel.com)

Ener1 - A Company To Watch

The North American automotive industry is searching for battery supply capability to meet the expected huge demand for new full electric, hybrid and fuel cell cars. Ener1, a company headquartered in Ft Lauderdale, Florida, U.S.A. could become a significant player in the lithium ion battery industry if it can achieve some near term objectives. The company was formed in 2002 and trades on the OTC Bulletin Board (OTCBB: ENEI). Ener1's primary business is the development and manufacture of lithium ion batteries for the global electric vehicle (EV), hybrid electric vehicle (HEV) and fuel cell vehicle (FCV) markets.

Ener1's subsidiary company EnerDel is the company primarily involved with lithium ion batteries, and was formed in October 2004 with ownership of 80.5% by Ener1 and 19.5% by Delphi Corporation. Ener1 is also invested in the Japanese battery industry through a JV with Itochu (Japan) called EnerStruct owned 51% by Itochu and 49% by Ener1. Additionally, Ener1 operates fully owned subsidiary companies named EnerFuel (developing fuel cells), and NanoEner (developing nanotechnology materials).

Recent positive news for Ener1 was that their subsidiary company, EnerDel was awarded a Supply Agreement on October 15, 2007 to develop and supply production vehicle lithium ion batteries for the Norwegian company Think Global and its Think City vehicle. Part of the agreement is that EnerDel must deliver acceptable production battery prototypes by March 2008, and pre-production parts by July 2008. If successful, EnerDel would start production sales of lithium ion batteries to Think Global in 2009.

If EnerDel can meet the technical and internal cost requirements for battery supply to Think Global, then there will be a potential for a significant future for Ener1 in the global lithium ion battery industry. The initial value of the Think Global contract for EnerDel is $1.4 million for battery development, and then the potential for an approximate $70 million contract over two years ending in 2010 (subject to Ener1 providing acceptable pre-production batteries).

For the green investor, Ener1 is worth watching to see how they perform on their Think Global Supply Agreement. Ener1 trades on the OTCBB (Symbol:ENEI) in the United States. Ener1 stock closed at $0.70 (Jan 18/08) with a 52wk high of $0.88 (Dec 26/07) and a 52 wk low of $0.18 Mar 12/07.

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