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Losses grow for EnerDel parent, but sales rise

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Ener1 Inc., the parent company of Indianapolis-based EnerDel, saw widening losses in the third quarter despite rising revenue.

New York-based Ener1 reported late Monday that it suffered a third quarter loss of $15.8 million, or 14 cents a share, compared with a year-ago loss of $9 million, or 8 cents a share. Revenue rose to $8.1 million, compared to $7.5 million in the second quarter of 2009 and $39,000 in the third quarter of 2008.

Management reported a significant increase in sales and customer inquiries, but said losses grew due to higher research-and-development expenses.

EnerDel, which develops lithium-ion batteries for cars, recently announced a $100 million expansion to create 850 jobs across Indiana by 2012.

The expansion, announced in late August, earmarks 277 of the new positions for the Indianapolis area.

The lithium-ion battery company said it will add 217 jobs to the 100 positions at its headquarters at 8740 Hague Road on the far northeast side of Indianapolis. The new Indianapolis jobs will involve research and cell production.

Sixty more jobs will be located at 15425 Herriman Boulevard in Noblesville, where a renovation is expected to begin soon. The Noblesville location will assemble battery packs.

The rest of the jobs, 478, will be based at a battery manufacturing plant to be located at an undetermined site in Indiana.

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  1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

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  3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

  4. So heres brilliant planning for you...build a $30 M sports complex with tax dollars, yet send all the hotel tax revenue to Carmel and Fishers. Westfield will unlikely never see a payback but the hotel "centers" of Carmel and Fishers will get rich. Lousy strategy Andy Cook!

  5. AlanB, this is how it works...A corporate welfare queen makes a tiny contribution to the arts and gets tons of positive media from outlets like the IBJ. In turn, they are more easily to get their 10s of millions of dollars of corporate welfare (ironically from the same people who are against welfare for humans).

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