Ener1 to Raise $25m to Expand US Production

U.S. battery manufacturer also has $40 million deal in place to supply energy storage batteries for the Russian Federal Grid Company.

Published: 04-Jan-2011

The New York City-based company said investments would be led by funds managed by Goldman Sachs Asset Management, L.P.

Ener1 (NASDAQ: HEV) also has a federal stimulus grant from the US Department of Energy to support its ambitions to increase production capacity in the US for batteries to be used in utility-scale energy storage facilities and in transport.

The company has been providing batteries for heavy-duty vehicles and is growing relationships with electric car manufacturers including Volvo and the Norwegian firm THINK.

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