Ener1 Applies for $480 Million in Federal Loan Funds to Expand Li-ion Manufacturing Capability


ener1-logo_1Lithium-ion battery manufacturer Ener1 has applied for $480 million in low-interest loans under a new federal program to spur development of the next generation of U.S. fuel-efficient vehicles. Low-Interest Funds Would Help Grow Domestic Production of Crucial Systems for Plug-In Vehicles.

EnerDel, Ener1's lithium-ion battery subsidiary, applied for the funds under the Advanced Technology Vehicle Manufacturing Incentive Program (ATVMIP), which is administered by the U.S. Department of Energy (DOE). The $25 billion program is designed to enable U.S. auto companies and their suppliers to build or retool manufacturing facilities in order to improve the overall corporate average fuel economy (CAFE) of the American automotive industry.

EnerDel's manufacturing facilities are based in Indianapolis and Noblesville, Indiana. If granted, the funds will enable EnerDel to double manufacturing capacity to produce 600,000 hybrid electric vehicle packs per year at its existing plant by 2011, and to build a second larger plant capable of producing battery packs for up to 1.2 million hybrid electric vehicles by 2015. It is anticipated that the projects would create more than 1,300 new jobs.

Using DOE data, Ener1 estimates batteries produced at these facilities each year could save the U.S. economy as much as $600 million at the gasoline pump and eliminate up to one billion tons of carbon emissions annually.

EnerDel has developed a process for producing high-performance lithium-ion batteries using proprietary chemistry and a flat-cell design that maximizes power, reliability and longevity. EnerDel also specializes in software and systems integration to customize complete battery systems for installation into commercial vehicles.

The ATVMIP was established under Section 136 of the Energy Independence and Security Act of 2007. Congress appropriated funds for the program in the fall under the Continuing Resolution; those funds are separate and distinct from the bailout loan funds approved by the White House for the Detroit 'Big Three' automakers in December. ATVMIP loan applications for the first of three stages of the program were due December 31. Applications under the next stages are due at the end of the first two quarters of the current year.

(Source: Ener1, Inc.)


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