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Ener1 Completes $25-Million Capital Raise

Mon, 01/03/2011 - 11:21am
PowerPulse.net

Ener1, Inc. announced the sale of $25 million of senior unsecured notes, together with shares of common stock and warrants, to certain investors, led by funds managed by Goldman Sachs Asset Management, L.P.

Along with funds from an existing grant from the U.S. Department of Energy under the American Recovery and Reinvestment Act, Ener1 will use the proceeds from the sale primarily to continue building out production capacity in the U.S. and for working capital to support existing projects with customers in the grid energy storage and transportation sectors. In addition to its growing relationships with car makers THINK and Volvo, Ener1 has made substantial progress with U.S. and international customers in the heavy-duty transportation market, a key company focus for 2011 and beyond.

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