Auto Industry and Suppliers and Manufacturers and EnerDel and Manufacturing & Technology

EnerDel parent says quarterly report will be late

August 9, 2011

New York-based Ener1 Inc., which engineers and makes batteries in the Indianapolis area at its EnerDel subsidiary, announced Tuesday that it won't file its second-quarter 2011 financial report on time.

The company said it has formerly requested an extension from the Securities and Exchange Commission and plans to file the quarterly report "as soon as possible."

Ener1 did not offer an explanation for the delay, but the company has experienced a turbulent year.

In May, Ener1 told investors it would write off its $73 million stake in electric car maker Think Global, a move that sent its share price to new lows.

The company reported on May 10 a first-quarter loss of $84.7 million on revenue of $23.1 million.

Earlier this year, the company shifted its focus from supplying batteries for electric cars to utility energy storage.

Ener1 announced on June 16 a deal with JSC Mobile GTES, a subsidiary of the Federal Grid Company in Russia, which could lead to more manufacturing work in the future. EnerDel's Mount Comfort assembly plant has been turning out battery packs for the Russian electric grid.

Last week, Ener1 Inc. sold $2 million in stock to Aspire Capital Fund LLC in an effort to raise funds to expand its business. The sale was part of a purchase agreement in which Aspire Capital will buy up to $50 million of Ener1's stock over the next 24 months.

Last September, the company announced it was selling $20 million in stock and warrants to its main shareholder to help fund capacity to manufacture 11,000 electric-vehicle battery packs at its three Indianapolis plants. The company also sold $65 million of debt and equity to a group of investors in September.

Ener1 stock fell 1.3 percent Tuesday to 82 cents per share, down from its 52-week high of $5.90.
 

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