U.S. lithium-ion battery maker Ener1, Inc. (Nasdaq: HEV) increased revenues and decreased its net loss in 1Q09, as the company gears up to begin high-volume production for hybrid and electric vehicles in development.
Revenues for the quarter were $8.2 million compared to $97,000 in 1Q08. Gross margin was $1.4 million for the quarter.
Net loss was $7.3 million, or $0.06 per share, compared to $13.7 million a year ago.
Operating expenses were $12.0 million in 2009, compared to $5.8 million in 2008 as Korean battery maker Enertech’s operations were included for the first full quarter.
Capital expenditures were $5.8 million, which includes $3.1 million at Enertech-related to planned expansion of cell production capacity.
Cash as of March 31 was $6.5 million.
"The first quarter was marked by continued execution against the strategic plan laid out in the fourth quarter earnings call," commented Chairman and CEO, Charles Gassenheimer. "We have a clear focus for production, sales and marketing and plant expansion. We believe we have all the necessary ingredients to become the leading automotive grade lithium-ion battery company."
Ener1 announced production readiness at its lithium-ion battery
plant in Indianapolis on Friday, May 8. Ener1 said the facility is the first fully automated production line in
the U.S. for volume production of both lithium-ion cells and battery
packs.
Subsidiary EnerDel announced the signing of a Letter of Intent with
Fisker Automotive on Friday, May 8, with a view to signing a supply
agreement in the next few months. Fisker Automotive is currently
targeting production of 15,000 vehicles a year, and expects to launch
its "Karma" line of automobiles in June, 2010.
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.
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.
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