Ener1 and Wanxiang Sign Strategic Joint Venture Agreement
Ener1, Inc. and Wanxiang Electric Vehicle Co., Ltd., a division of the Chinese conglomerate Wanxiang Group Corp., signed a joint venture agreement to co-manufacture Li-ion cells and battery packs for the rapidly growing Chinese market. The new company will harness cutting-edge American technology and advanced Chinese manufacturing capability to produce battery systems for Wanxiang’s several existing light- and heavy-duty automotive and power grid customers for delivery this year.
"Wanxiang and Ener1 share a vision to help fulfill our country’s strong commitment to electrifying transportation on a mass scale and to deploy lithium-ion technology to improve the effectiveness of the power grid," said Lu Guanqiu, founder and chairman of Wanxiang Group. "We believe our manufacturing expertise and deep customer relationships throughout China and in the region will help ensure the success of this timely technology venture."