EnerDel parent reports higher revenue-WEB ONLY

  • Comments
  • Print

Ener1 Inc., the New York parent of fledgling Indianapolis-based advanced battery developer EnerDel, yesterday reported higher revenue and a lower loss in the first quarter compared with the same period a year ago.

The company lost $7.2 million, or 6 cents a share, down from $13.1 million, or 15 cents a share, the previous year. The loss was 6 cents a share below analyst estimates.

Revenue for the recent quarter rose to $8.1 million, up from $97,000 in the first three months of 2008.

EnerDel announced Friday it will supply California-based Fisker Automotive Inc. with lithium-ion batteries for its plug-in electric hybrid car scheduled to hit the market in June 2010.

Terms of the agreement were not disclosed.

Fisker plans to build 15,000 vehicles annually and market them through an existing network of 32 U.S. retailers. A European retail network is set to be announced in September at the Frankfurt Motor Show in Germany.

“We believe we have all the necessary ingredients to become the leading automotive grade lithium-ion battery company,” CEO Charles Gassenheimer said in a prepared statement.

U.S. Sen. Evan Bayh (D-Indiana) was at EnerDel’s main production facility on Hague Road on Friday to inaugurate the first commercial-scale production line for automotive lithium-ion batteries in the country.

Shares of Ener1 were up 7.5 percent this morning, to $6.73 each.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.