Ener sells batteries to major Euro auto maker and Tier 1 OEM

There may be a lot of people wearing frowns in corporate America today but we are happy to report such is not the case over at lithium ion battery maker, Ener1. Their 3rd quarter conference call seemed to have only two kinds of news; good and gooder more good. Example? They have doubled the revenue and halved the losses of the same period a year ago. More? The Th!nk program is progressing nicely and they expect the first cars with their packs to ship some time in the first quarter. While their aquistion of Enertech has given them a factory full of equipment and ready to go, work on their Indiana factory is progressing on time (picture of coating machine from their website)
The other good gooder great news is that they've made a couple new deals. One will see them supply a couple battery packs to one of the "largest car manufacturers in Europe" for a plug-in electric car program. They should hold about 13 Kwh of energy which could give the vehicle around 40 miles of all-electric range. The other deal involves supplying a pack for an electric car for a top original equipment manufacturer (OEM) which will be demonstrated for that companies customer by the end of this year. To sum it all up, even if they don't hit the $700 million in revenue that CEO Charles Gassenheimer says is possible by 2012, they future looks pretty good for Ener1.

[Source: Seeking Alpha / GreenStocks]