Ener1 takes full control of EnerDel

There are changes in EnerDel/Ener1 land. Yesterday, Ener1 said it would be moving its headquarters to New York City. Today, in a more important announcement, Ener1 said that it has taken complete control of EnerDel, Ener1's li-ion battery subsidiary, by buying some equity interest away from former joint venture partner Delphi. Delphi let its 19.5 percent equity interest in EnerDel go as part of its work to get out of bankruptcy. Ener1 gave Delphi 2.8m shares of Ener1 Restricted Common Stock and a cool eight million bucks. Even with the cash outlay, Ener1 says it remains debt free and "fully funded at present levels of activity through the end of 2009." Not a bad place to be in the current economic and automotive climate. Check out Ener1's press release for more details

[Source: Ener1]