EnerDel, China Auto Parts Maker Pen Battery JV Agreement

Wanxiang Group and US-based EnerDel expect to be able to produce 40,000 battery packs a year by 2014 in China.

Published: 20-Jan-2011

Ener1 Inc. rose the most in almost five years after it announced a joint venture with a unit of China’s largest auto-parts maker Wanxiang Group Co. Ltd. to make lithium-ion batteries for electric vehicles.

Ener1, a New York-based battery maker with market value , climbed as much as $2.22, or 60 percent, the largest percentage gain since Feb. 1, 2006, in Nasdaq Stock Market trading. The shares were trading at $4.89, up 33 percent, at 11:53 a.m. Ener1’s market value is $792.2 million.

Ener1’s EnerDel unit owns 40 percent of the new venture, Zhejiang Wanxiang Ener1 Power System Co., and will contribute intellectual property and technical expertise, according to a statement.

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