For companies in the lithium battery business, multi-segment marketing has become a necessity. A few years ago, electric vehicles looked like the next smartphone-like growth area for battery makers. Now, it's more turmoil than profits for some battery makers.
THINK THINK City News
"So about those free cars you donated to us..."
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.
Lithium-ion battery maker Ener1, which filed for bankruptcy in late January, plans to emerge from its Chapter 11 status by mid-March with the help of $86 million in new equity and debt-holder agreements to restructure their debt on the company.
If you were smitten by the little electric Think City and thought the company's recent bankruptcy put the kibosh on your chances of ever owning one of the plastic-paneled car, then *ahem, think again. It seems there are still some of the city runabouts to be had if you look in the right place.
Ener1, a maker of lithium-ion batteries for electric-drive vehicles and a major investor in now-bankrupt electric-vehicle maker Think, has gone bankrupt itself.
The former CEO of Think Global has moved over to XL Hybrids. Richard Canny, who sometimes writes for AutoblogGreen, joined the XL Hybrids board of directors this past week and said in a statement that he is ready to promote the company's aftermarket hybrid powertrain system that is supposed to improve fuel efficiency by up to 20 percent. Canny said in a statement that, "XL Hybrids has a unique and proprietary technology system that offers a hybrid drive solution to fleets at a fraction of the in
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
For years, CEO Charles Gassenheimer was the friendly, public face of battery maker Ener1, speaking with AutoblogGreen many times over the years about his company's work with Think and Volvo and others. The company's history was long fraught with difficulty because of the way it was tied to Think and its bankruptcy problems, but Gassenheimer was always optimistic about the prospects of Ener1's lithium-ion batteries being used for automobiles and stationary grid storage. Last week, he resigned fro
The bankruptcy of Think Global is dragging Ener1 down even more, so an executive shake-up, it seems, is in order.
Ener1, a pioneer of lithium-ion batteries for plug-in vehicles, has warned that it might not have sufficient funds to remain operational as a result of losses from its investment in Think Global, a Norwegian automaker that declared bankruptcy in late June.
2011 Think City - Click above for high-res image gallery