EnerDel is the battery division of Ener1, an energy storage solutions company. EnerDel's batteries can currently be found in a plug-in Prius and a Th!nk City. The parent company announced today that it has raised $29.7m worth of equity capital through something called a Warrant Exercise. The influx of funds means that Ener1's cash position on its balance sheet is now around $42.5m, the company said in a statement. While the statement doesn't specifically mention any of Ener1's automotive battery technologies, Ener1 Chairman Charles Gassenheimer said that, "We also now have access to a $7 million equipment lease facility that will help finance our plant expansion in Indianapolis and increase our financial flexibility." That Indianapolis facility is where people like Sen. Richard Lugar (R-IN) go to take test drives of EnerDel li-ion hybrids. More details on the stock deal after the jump.
Ener1, Inc. Raises $29.7 Million of Equity Capital through Warrant Exercise
Ft. Lauderdale, FL (May 20, 2008) – Ener1, Inc. (AMEX: HEV), an energy storage solutions company, today announced that it raised $29.7 million through the recent exercise of common stock warrants at an exercise price of $5.25 per share. The warrants were issued in November 2007 as part of an equity placement totaling $32 million. Holders of the warrants received a total of 5.6 million shares of Ener1, Inc. common stock. Total shares outstanding, post dilutive issuance now stands at 110 million. The additional $29.7 million increases Ener1's cash position on its balance sheet to approximately $42.5 million.
"As anticipated, all of the institutional investors that participated in the November 2007 financing exercised their warrants," said Charles Gassenheimer, Chairman of Ener1, Inc. "The only investor that did not exercise its warrants was a family trust that already has a substantial investment in Ener1. We are pleased with the results of the November financing round, and believe that this provides us the foundation for growth and certainty, in an uncertain capital markets environment. Additionally, we intend this to be the last form of private financing, and should any capital need to be raised, it will be in the form of public financing. We also now have access to a $7 million equipment lease facility that will help finance our plant expansion in Indianapolis and increase our financial flexibility."
About Ener1, Inc. Ener1, Inc. (AMEX: HEV) is an energy storage solutions company that is developing and commercializing advanced, high‐performance safe lithium‐ion (Li‐ion) batteries for hybrid electric vehicles (HEVs), plug‐in HEVs (PHEVs) and electric vehicles (EVs). Ener1 is also developing commercial fuel cell products through its EnerFuel subsidiary and nanotechnology‐based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary. For more information, visit http://www.ener1.com and http://www.enerdel.com or call (212) 920‐3500.