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ENER1 Receives Additional $20 Million Equity from Principal Shareholder

Wed, 09/29/2010 - 12:20pm
PowerPulse.net

ENER1, Inc. announced that it has executed a securities purchase agreement with its principal shareholder, Ener1 Group, for the purchase of common stock and warrants for $20 million.

Ener1 has raised in excess of $160 million in equity in 2010, through a combination of private placements and strategic investments. Ener1 will use these additional funds along with its grant from the United States Department of Energy under the American Recovery and Reinvestment Act, to fund an immediate increase in working capital and to help achieve its intended manufacturing plans to install 260 MW hours, or capacity for 11,000 electric vehicle battery packs, at its three Indianapolis facilities.

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