EnerDel, the li-ion battery subsidiary of Ener1, announce today that a "fully functional lithium-ion battery pack" is currently operational in a Th!nk City electric vehicle in Indianapolis. Ener1 has a large and growing facility in Indianapolis, and it's no secret that Norwegian company Th!nk will soon build cars in North America, with an eye to selling up to 50,000 units here each year. Ener1 sent out an email to investors today that says that the installation of the li-ion pack, "indicates that EnerDel is on schedule to meet the year-end timetable for volume production under its supply agreement with Think Global." It seems like the battery pack is a 27 kWh pack, just like the three EnerDel sent to Think Global earlier this year. The potential success of companies like EnerDel and Th!nk are good not only for drivers - who might see hybrid premium paytimes of as little as two years if they're not into the pure EVs - but also for the venture capitalists who have been standing behind Th!nk.
EnerDel and Think Global Demonstrate Operational Battery Pack in Th!nk City Vehicle
Ft. Lauderdale, FL (June 9, 2008) ‐‐ Ener1, Inc. (AMEX: HEV), an energy storage solutions company, today reported that its lithium‐ion battery subsidiary, EnerDel, has installed and demonstrated a fully functional lithium‐ion battery pack in a Th!nk City electric vehicle at its manufacturing facility in Indianapolis. The integration of the battery pack into a Th!nk City EV was completed ahead of the schedule previously announced by EnerDel. The successful completion of this milestone indicates that EnerDel is on schedule to meet the year‐end timetable for volume production under its supply agreement with Think Global of Oslo, Norway. EnerDel delivered three functional 27 kWh lithium‐ion battery packs to Think Global earlier this year for testing. Both companies are working to meet the scheduled roll‐out of pre‐production units over the next three months. "This is a very exciting program to be involved in, with an aggressive time to market schedule," commented EnerDel CEO Ulrik Grape. "Our collaboration with Think to develop a battery solution for the leading electric vehicle worldwide, the Th!nk City, has been rewarding. A lot of work remains both in terms of testing and evaluation, but we anticipate that we will be able to meet the schedule set by our supply agreement to begin production of integrated battery packs by the end of this year." "We are very pleased with the progress EnerDel and Think have made on the lithium‐ion battery solution for the Th!nk City vehicle," said Think Global CEO Jan‐Olaf Willums. "EnerDel has achieved an important milestone and met our expectations so far. We are confident that the project is on schedule to introduce the EnerDel battery in production vehicles by the end of the year."
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. ' 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.
About Think Global
Think designs, develops, manufactures and markets environmentally friendly vehicles and technologies. The company has more than 17 years of experience in developing and producing electric vehicles. Today, 1,200 TH!NKs are driving on Norwegian roads. The new TH!NK City is a fifth generation electrical vehicle assembled at Aurskog, Norway. Series production of the car started late last year and the first cars are delivered to Scandinavian customers. Later this year, the car will be launched in selected markets in Europe . The capacity of its first assembly plant in Aurskog outside Oslo, No Think expects to reach during 2009. Strong owners with visions ancentury". For more info: www.think.no.