EnerDel, a subsidiary of Ener1, Inc., develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid and electric vehicles.
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updated: 11/10/2009 1:03:31 PM
EnerDel Parent Upbeat Despite Q3 Loss
The parent of Indianapolis-based EnerDel, Ener1 Inc. (Nasdaq: HEV) is reporting a third quarter loss of $15.8 million, compared to a loss of $9 million for the same period a year earlier. Despite the loss, the company is reporting an increase in revenue and its Chairman and Chief Executive Officer Charles Gassenheimer says Ener1 has held talks with more than 200 customers since the fourth quarter of 2008.
Source: Inside INdiana Business
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Press Release
New York, NY -- Ener1, Inc. (Nasdaq: HEV), today announced financial results for its 2009 third quarter, which ended September 30, 2009. Revenue for the 2009 third quarter was $8.1 million compared to $7.5 million in the second quarter of 2009 and $39 thousand in the third quarter of 2008. Nine month sales were $23.8 million.
"Ener1 has seen a substantial uptick in customer inquiries over the past three quarters," said Ener1 Chairman and CEO, Charles L. Gassenheimer. "Since the fourth quarter of 2008, Ener1 has increased the number of customer discussions fivefold, and has now had talks with over 200 customers. The number of active programs has doubled in such time from 15 to 34."
"Having this kind of visibility into the customer pipeline is invaluable as the company prepares for a capacity expansion at its US facility from 300 thousand kWh today to 3.4 million kWh around the 2015 timeframe, in addition to an existing 300 thousand kWh of installed capacity at our Korean facility," continued Charles Gassenheimer. "We also anticipate launching our grid storage business unit by the end of the year and announcing our first commercial program."
Third quarter operating expenses were $13.2 million compared to $12.5 million in the second quarter of 2009 and compared to $8.7 million in the third quarter of 2008, as Enertech operations were included for the full quarter in 2009. Research and development expenses were $7.6 million in the third quarter of 2009. General and administrative expenses were $4.3 million in the third quarter of 2009. The net loss per share was $.14 in 2009 compared to $.08 in 2008. Under the Open Market Sales Program, from May 26 through its conclusion, Ener1 sold common stock of $40 million at an average price of $6.72 per share. Unrestricted cash at September 30 was $17.9 million.
About Ener1, Inc.
Ener1 develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid, plug-in hybrid and pure electric vehicles. The publicly traded company (Nasdaq: HEV) is led by an experienced team of engineers and energy system experts at its EnerDel subsidiary located in Indiana. In addition to the automobile market, applications for Ener1 lithium-ion battery technology include the military, grid storage and other growing markets. Ener1 also develops commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary.
Source: Ener1, Inc.
