U.S. Li-ion Auto Battery Maker Ener1 Voices Support for $1.6 Billion Federal Grant to Propel Electric Vehicle Technology
19 Diciembre 2008 - 12:01PM
PR Newswire (US)
Indiana Senator's Proposal Will Create U.S. Jobs, Boost
Competitiveness INDIANAPOLIS, Dec. 19 /PRNewswire-FirstCall/ -- A
new plan proposed this week by Indiana Senator Evan Bayh involving
$1.6 billion in federal grants to accelerate growth of America's
advanced hybrid-electric and electric car industry is crucial for
American competitiveness in automotive and high-tech manufacturing,
Charles Gassenheimer, Chairman and CEO of Ener1, Inc. (AMEX:HEV),
said today. Ener1's Indianapolis subsidiary EnerDel is the first
company able to produce automotive lithium-ion batteries on a
commercial scale in the U.S. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080312/CLW018LOGO )
Gassenheimer stood with the Senator for a press conference today at
the Indianapolis Motor Speedway. "Senator Bayh's plan could not
come at a more critical time," commented Gassenheimer. "We think it
will pay for itself many times over," Gassenheimer said, comparing
advances in the rapidly emerging sector to the birth of America's
Silicon Valley computing industry. "This is a high-tech,
high-growth, high-value industry, invented right here in America,
and Indiana is at the center of it. The priority now to build the
production capacity we need before foreign competitors beat us at
our own game." Senator Bayh discussed his proposal today at an
event gathering many of the state's top auto-tech manufacturers at
the Indianapolis Speedway. The legislator, who is one of the
Congress's leading champions of U.S. energy security and
alternative fuel automobiles, has offered his plan to the Senate
majority and minority leaders, co-signed by 11 other senators.
Automakers around the world have dozens of new hybrid models
already in the pipeline, but almost no current sources for
batteries to power them. The rush is on in Europe, Japan, Korea and
China to capture their shares of a market that could be worth as
much as $150 billion a year within a decade, some analysts say.
U.S. carmakers worry that without a domestic battery supply chain
they could find themselves at the back of the line, or forced to
pay steep premiums. "Viability of the American auto industry
depends on the decisions and the investments we make today,"
Gassenheimer said. "The last thing we want is to trade dependence
on foreign oil for dependence on foreign batteries. Senator Bayh is
proposing a down payment on our long-term competitiveness and
security. We deeply appreciate and commend the energy and vision he
is bringing to this incredibly important goal." While costs remain
a challenge for the advanced battery industry today, Gassenheimer
believes full-scale production could cut current prices by half.
EnerDel is currently undergoing a major expansion at its two
Indiana facilities. Sen. Bayh's proposal to provide $1.63 billion
in federal grants through the U.S. Department of Energy is designed
to ramp up production and drive down costs of hybrid and electric
drive systems. The package includes: -- $1.0 billion in competitive
grants to expand the U.S. manufacturing base for advanced batteries
and other essential components. -- $295 million for R&D on new
battery technology. -- $90 million in grants for state and local
business and governments to build the infrastructure and other
resources such as rapid-recharging stations to support plug-in and
other technologies. -- $95 million in grants for near-term truck
and maritime port electrification, which saves energy and
dramatically cuts dangerous pollution. -- $150 million for research
and development of "smart-grid" technology that can save consumers
money and help integrate plug-in vehicles while improving capacity
and reliability of the nation's aging electric system. By
comparison, Gassenheimer points out that Japan's combined public
and private investment in advanced battery development has outpaced
that of the United States by as much as 10-fold for most of the
past decade. Some in the industry are already worrying about what
an emerging "battery gap" might mean for their ability to procure
enough of these essential components for fuel- efficient autos.
Toyota already owns a major stake in Panasonic's battery business;
Honda and Mercedes Benz have just entered into new joint
lithium-ion battery ventures. "This is only the eye of an energy
price storm," Gassenheimer said. "We're getting a temporary break
at the gas pump right now, but it's only going to last as long as
the economic downturn. Then we're right back to facing devastating
price shocks. Industry and government increasingly appear ready to
move forward together and that means we will prevail economically
and in guaranteeing our energy security." Safe Harbor Statement:
Certain statements made in this press release constitute
forward-looking statements that are based on management's
expectations, estimates, projections and assumptions. Words such as
"expects," "anticipates," "plans," "believes," "scheduled,"
"estimates" and variations of these words and similar expressions
are intended to identify forward-looking statements.
Forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
as amended. These statements are not guarantees of future
performance and involve certain risks and uncertainties, which are
difficult to predict. Therefore, actual future results and trends
may differ materially from what is forecast in forward-looking
statements due to a variety of factors. All forward-looking
statements speak only as of the date of this press release and the
company does not undertake any obligation to update or publicly
release any revisions to forward-looking statements to reflect
events, circumstances or changes in expectations after the date of
this press release. About Ener1, Inc.: Ener1 develops and
manufactures compact, high performance lithium-ion batteries to
power the next generation of hybrid and electric vehicles. The
publicly traded company (AMEX:HEVAMEX:-AMEX:News) is led by an
experienced team of engineers and energy system experts at its
EnerDel subsidiary located in Indiana. EnerDel has developed
proprietary battery systems based on technology originally
pioneered with the assistance of the Argonne National Lab. Ener1 is
seeking to become the first company to mass-produce a cost-
competitive lithium-ion battery for hybrid and electric vehicles.
Demand for battery solutions is being driven by a need to reduce
dependence on oil as well as growing concern about vehicle
emissions. In addition to the automobile market, applications for
Ener1 lithium-ion battery technology include medical, military,
aerospace, electric utility and other growing markets. Major
shareholders of Ener1 include Ener1 Group, Inc., a privately held,
global investment and advisory firm, and ITOCHU Corporation, a
Japanese trading company and distributor of manufacturing equipment
essential to lithium-ion battery production. ITOCHU has annual
revenue of approximately $90 billion and offices in more than 80
countries. Ener1 has also received funding from a growing number of
institutional investors. In addition to battery technology, Ener1
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. Contacts: INVESTOR RELATIONS MEDIA RELATIONS Rachel
Carroll Jon Coifman VP Corporate Communications Waggener Edstrom
Worldwide P: 212 920 3500 P: 212 551 4815 E: E:
http://www.newscom.com/cgi-bin/prnh/20080312/CLW018LOGO
http://photoarchive.ap.org/ DATASOURCE: Ener1, Inc. CONTACT:
Investors: Rachel Carroll, VP Corporate Communications, Ener1,
Inc., +1-212-920-3500, ; Media: Jon Coifman, Waggener Edstrom
Worldwide, +1-212-551-4815, Web site: http://www.ener1.com/
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