IBJNews

EnerDel parent lines up more financing

Back to TopCommentsE-mailPrint

The parent company of lithium-ion battery maker EnerDel Inc. has raised another $65 million to help finance operations and ramp up its manufacturing operations in the Indianapolis area.

New York-based Ener1 Inc. announced Friday that it agreed to sell $55 million of senior unsecured notes, along with shares of common stock and warrants, to investment funds led by Goldman Sachs Asset Management LP. The company also announced the sale of $10 million in senior convertible notes to strategic partner Itochu Corp.

This round of financing follows a $65 million investment on June 1 from principal shareholder Ener1 Group, which is backed by Russian pulp and paper industrialist Boris Zingarevich. Ener1 received a $20 million investment from Itochu last December.  

One remaining piece of the financing plan for Ener1, which has yet to turn a profit, is a low-interest loan from the Department of Energy. The company has said it received a term sheet for about $300 million.

EnerDel employs about 300 people between its Hague Road headquarters, a facility in Noblesville and leased factory space in the Mount Comfort area of Hancock County. The company has said it will invest $600 million and hire 1,400 people here over the next several years as it ramps up production to 120,000 battery packs a year. The battery packs EnerDel makes locally are for electric vehicles. The company is the supplier for Norwegian electric car maker Think.

Ener1 said in a prepared statement that it will use the latest shot of $65 million for general operating expenses and to help it boost capacity.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Every one who has been scammed by these people may be interested to know that we got our money back from them. It took some time and a 'special approach', but it worked. We are now on the way to stopping their activities. Anyone wishing to participate in this action is welcome. Please make contact through our website www.laterelle.com Peter Clutton

  2. Lou, I had mouth watering just by reading your review. I recently was in this restaurant with family and friends and I can tell you THIS IS A REAL TASTE OF MEXICO. Forget about those restaurants that claim being "authentic Mexican food". Don Gusto P.J. has the most Authentic regional taste of Mexican food. My wife is from Mexico City and she can tell this was like home. It's a small place, but the greatness of Don Gusto P.J. is the real authentic taste of Mexican Food and the friendly service. By the way, this is a family owned and operated business. Great review, Lou!

  3. With the way this lovely couple met, it's amazing their business failed. I mean, I'm young and easy going but I wouldn't trust her or him as far as I could throw them

  4. You agreed to make a law to take peoples children out of there home for any little thing I feel like if there is no abuse no violence no neglect no molestation you shouldn't take children from their homes if there not in danger or harm people that do drugs shouldnt loose their kids because they have an addiction they should be helped in wich way they can taking children out of there homes is not the answer nor the solution 90% of time you make the situation worser than what it is do you think that it's fair to the children putting them through this who would even ever come up with this its unfair one of the presidents used marjuana did they take his children or freedom the law is crooked and its alot of dirty people taking advantage of it god isn't unfair to us so we shouldnt be unfair to others something needs to be done about now not later this world is corrupt and the people in it this is a disgrace to man kind I'm going to pray for justice

  5. Getting to perform there again!

ADVERTISEMENT