Ener1, Inc. announced financial results for the first fiscal quarter of 2011 ending March 31, 2011.
“We believe our first-quarter results represent another step forward in building a profitable business,” said Ener1 Chairman and CEO Charles Gassenheimer. “We took definitive steps on the path toward achieving our goal of being EBITDA positive. More importantly, we have laid a strong foundation within our grid energy storage business, and we anticipate rapid revenue growth in the second half of 2011. We are also seeing positive revenue growth from our industrial small pack business, and we have repositioned our transportation business to attack the medium- and heavy-duty markets. In addition, we expect our joint venture with Wanxiang to come on-line in the second half of 2011 adding to our growth trajectory this year.”