Boracay is certainly a long way from Indiana. But business is business, and EnerDel has found some on that island in the Philippines. And, to quote the hip-hop lexicon, there's some three-wheeled motion to boot.
No, Chip Yates doesn't get range anxiety. The record-setting pilot and motorcycle rider made recent news by testing out a new, EnerDel-made battery pack in the battery-electric Long-ESA airplane he set a speed record with a year ago. Yates' 20-minute flight last week got him up to 5,500 feet and he hit 175 miles per hour at "less than 50 percent throttle." Yates, whose 258-horsepower plane now has twice the battery output as last year, is shooting for 250 mph.
Remember when the U.S. capital of RV production, Elkhart, IN was going to escape the doldrums that the decline of the motor home industry brought on by shifting over to building electric cars? Not so fast. As NPR reports, rising demand for RVs has helped boost employment in Elkhart, IN, while the number of workers at the factory building Think electric vehicles has dwindled to just two.
Looks like things that were bad with Ener1 (and the Think City electric car) are about to go to worse. After a string of bad news (see here, here, here and here), the latest shoe to drop is the news that the NASDAQ suspended Ener1 from the stock exchange. The fight has apparently gone out of Ener1, since the company said it has no plans to appeal and will thus be permanently delisted from NASDAQ. The stock (previously HEV and now HEVV), which used to trade at over $4 a share, will now be "penny-
When electric vehicle maker Think filed for bankruptcy last spring, it owed millions of dollars to EnerDel subsidiary Ener1. Ener1 was also a major investor in Think and a lot of the company's worth was tied up with the Norwegian EV maker. Any way you slice it, Think's failure put Ener1 in a bind. They were unable to collect on their debts, and their investments were suddenly worthless. Just recently, Ener1 was forced to restate their losses in 2010 from $69 million all the way up to $165 millio
Back in October of 2007, Ener1 and Think Global inked what was hailed as the largest contract for lithium-ion batteries in automotive history. Under terms of that agreement, Ener1 was to deliver li-ion prototype packs to Think in March 2008 and pre-production packs in July 2008. Once those milestones were met, Ener1 expected Think to purchase $70 million in batteries between 2008-2010 and assumed that the total value of its contract with Think would exceed $200 million. By definition, expectatio
Lithium-ion battery manufacturer Ener1, Inc., has sold $25 million worth of senior unsecured notes, common stocks and warrants to raise funds to continue expanding its U.S. production capabilities. Ener1 will combines the $25 million with money received under a federal stimulus grant from the U.S. Department of Energy to support its ambitious goal of substantially increasing its annual output of lithium-ion batteries.