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Industry News
September 9, 2010
ENER1 Announces $65 Million Capital Raise
ENER1, Inc. announced that it has agreed to sell $55 million of senior unsecured notes, together with shares of common stock and warrants, to certain investment funds, led by funds managed by Goldman Sachs Asset Management, L.P. In addition, the company also announced the sale of $10 million in senior convertible notes to strategic partner ITOCHU Corp.. This follows a $65 million investment from principal shareholder Ener1 Group in June of this year, and a $20 million investment from ITOCHU Corp. in December, 2009. The sale of the senior notes is subject to customary closing conditions, and is expected to be completed on or before September 8, 2010.
Ener1 will use these funds along with its grant from the United States Department of Energy under the American Recovery and Reinvestment Act, for general operating expenditures and to help pursue its intended manufacturing plans to install 260 MW, or capacity for 11,000 electric vehicle battery packs, at its three Indianapolis facilities.
"Ener1 has heavily invested in expanding its global manufacturing operations in response to the anticipated demand from the grid energy storage, transportation and small cell markets, allowing us to meet our growth objectives," commented Chairman and CEO Charles Gassenheimer. "We are appreciative of the vote of confidence that our shareholders have placed in Ener1’s management team to execute its business plan."
The principal of the notes is payable in 10 equal quarterly installments with a coupon of 8.25%. The first such installment is due on January 2011. The notes provide Ener1 with the option of paying principal and interest entirely in cash or, subject to the satisfaction of certain conditions, in stock, or a combination of cash and stock.
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