Ener1, Inc. (Nasdaq: HEV), a maker of lithium-ion batteries, signed a
memorandum of understanding (MOU) with Itochu Corporation (ITOCF.PK) in
an effort to introduce its products to the Japanese market.
Itochu, global trading company with strategic partnerships and equity
ownership in the Japanese automotive manufacturing community, will
serve as Ener1's Japanese sales, marketing and development partner for
both the Japanese automotive OEMs as well as the Japanese Tier One
suppliers.
The agreement also sets the stage for Itochu to introduce
Ener1's batteries as an energy storage solution to the solar power
markets, where Itochu is aggressively seeking to develop its business.
Ener1 is currently the only company with the capacity to produce
large-format automotive lithium-ion batteries on a commercial scale in
the U.S., and currently has the manufacturing footprint in place to
produce enough batteries each year to store 1.17 megawatt hours (MWh)
of electricity, with plans that could potentially expand that output
to 3.12 MWh annually. The MOU contemplates Itochu's possible extension
of an equipment line of credit to Ener1 to fund this anticipated
expansion.
"Solidifying this partnership opens up new market opportunities
for our battery technology in and beyond the automotive sector at a
time when we are ready to commence volume production," said Ener1
Chairman and CEO Charles Gassenheimer.
