Wednesday, 20 August 2008

Delphi sells its remaining 19.5 percent stake in EnerDel to Ener1

Ener1 has strengthened its position in the lithium-ion battery segment by acquiring exclusive ownership of EnerDel, including essential manufacturing and intellectual property assets from former JV partner Delphi Automotive Systems LLC.

Ener1 took the remaining 19.5 percent interest in EnerDel that it didn’t already own from venture partner Delphi, which has been in bankruptcy protection since 2005. Ener1 paid $8 million in cash and 2.9 million shares of Ener1 restricted common stock for the EnerDel stake.

Earlier this month, EnerDel indicated about its plans to expand its Indianapolis plant by the end of the year to start commercial production of 600-pound lithium-ion battery packs that will power a Norwegian-made all-electric car.

“We’re planning to expand rapidly. We’re scaling up to some big numbers,” said Charles Gassenheimer, chairman and chief executive of Ener1, had said, according to

EnerDel, which has a manufacturing facility near Indianapolis, has a contract to provide batteries to Norway’s Think Global over the next two years. In June, the companies announced the successful demonstration of an operational battery pack in a Think City electric vehicle.

EnerDel plans a 49,000-square-foot expansion and remodeling of its plant at 8740 Hague Road, where batteries are produced, according to a state-filed building permit. Currently, EnerDel does battery research at the plant and produces limited numbers of lithium-ion batteries for testing and development in electric cars and gas-electric hybrid vehicles.

No comments: