Indiana Gov. Daniels Visits EnerDel Plant, Unveils Incentive Package ...

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Indiana Gov. Daniels Visits EnerDel Plant, Unveils IncentivePackage for Major Expansion in Lithium Ion Battery Facilities
INDIANAPOLIS, Aug. 21 /PRNewswire-FirstCall/ -- Indiana Governor Mitch Daniels today joined with the CEO and other officials from advancedlithium-ion battery developer EnerDel to announce a set ofperformance-based incentives associated with major expansion plansat the company's Indianapolis manufacturing facilities. EnerDelleaders praised Daniels for his strong leadership in crafting apackage designed to bring new jobs and enhanced competitiveness forthe state's high tech and automotive manufacturing base at acrucial time in a growing industry.
"Gov. Daniels knows that the future of the American economy dependson clean technology. Automakers are in a global race to deliver anew generation of hybrid and advanced electric vehicles that reduceor eliminate our dependence on the gas pump," said Ulrik Grape,Chief Executive Officer of EnerDel. "He has made an outstandingeffort to make sure that Indiana and its people play a key role inthis new and growing market. We would not be standing here todaywithout his firm commitment to the future."
The Indiana Economic Development Corporation offered EnerDel up to$7.125 million in performance-based tax credits and up to $58,000in training grants based on the company's job creation plans. Thecities of Indianapolis and Noblesville will consider property taxabatement at the request of the Indy Partnership. The company willalso seek local incentive offers from Indiana communities for thethird manufacturing location.
The developer of lithium-ion batteries for hybrid, plug-in electricand electric vehicles will expand its Indianapolis research andcell production center, build and equip a battery pack assemblycenter in nearby Noblesville, and locate a full-scale manufacturingoperation at a still to be selected location in the Hoosier state.The company expects to create more than 850 new jobs across thestate through 2012.
"Eight hundred fifty jobs of any kind is great news. When thosejobs are in a technology of tomorrow, like electric cars, it offersthe prospect of even bigger news to follow. Indiana has what ittakes to lead this automotive revolution and today is step one,"said Gov. Daniels.
A subsidiary of Ener1, Inc., (Amex: HEV), EnerDel currentlyoperates a 92- person production facility on the northeast side ofIndianapolis. The company recently received the prestigious R&D100 award for excellence in its technology and uniquely innovativedesign. The award is shared by EnerDel and its partners at theArgonne National Laboratory. EnerDel is also an active participantin the United States Advanced Battery Consortium, which worksclosely with automakers, component companies and others toaccelerate the commercial development of new battery technology.
Last week, Ener1 announced it had acquired 100 percent ownership ofEnerDel from Delphi Automotive, which is undergoing extensiverestructuring. Delphi had held a 19.5 percent stake in EnerDel. Thenew arrangement frees up EnerDel to seek new strategic partnershipswith Tier 1 automotive manufacturers and equipment suppliers.
About Ener1, Inc.:
Ener1 develops and manufactures compact, high performancelithium-ion batteries to power the next generation of hybrid andelectric vehicles. The publicly traded company (Amex: HEV - News)is led by an experienced team of engineers and energy systemexperts at its EnerDel subsidiary located in Indianapolis, which isbuilding proprietary battery systems based on technology originallypioneered with the assistance of the Argonne National Lab.
Ener1 is seeking to become the first company to mass-produce acost-competitive lithium-ion battery for hybrid and electricvehicles. Demand for battery solutions is being driven by a need toreduce dependence on oil as well as growing concern about vehicleemissions. In addition to the automobile market, applications forEner1 lithium-ion battery technology include medical, military,aerospace, electric utility and other growing markets.
EnerDel recently received the prestigious R&D 100 award forexcellence in its technology and uniquely innovative design. Theaward is shared by EnerDel and its research partners at ArgonneNational Laboratory. EnerDel is an active member of the UnitedStates Advanced Battery Consortium, which works closely withautomakers, component companies and others to accelerate thecommercial development of new battery technology.
Major shareholders of Ener1 include Ener1 Group, Inc., a privatelyheld, global investment and advisory firm, and ITOCHU Corporation,a Japanese trading company and distributor of manufacturingequipment essential to lithium-ion battery production. ITOCHU hasannual revenue of approximately $90 billion and offices in morethan 80 countries. Ener1 has also received funding from a growingnumber of institutional investors.
In addition to battery technology, Ener1 develops commercial fuelcell products through its EnerFuel subsidiary andnanotechnology-based materials and manufacturing processes forbatteries and other applications through its NanoEner subsidiary.
About EnerDel
EnerDel is a subsidiary of Ener1, Inc. (Amex: HEV), which developsand manufactures compact, high performance lithium-ion (Li-ion)batteries to power the next generation of hybrid and electricvehicles.
EnerDel produces its batteries at its state-of-the-art facilitiesin Indianapolis, Indiana, and is expecting to be the first companyto mass- produce a cost-competitive lithium-ion battery for hybridand electric vehicles. In addition to the automobile market,applications for EnerDel lithium-ion battery technology includemedical, military, aerospace, electric utility and other growingmarkets.
Ener1's major shareholders are the Ener1 Group, Inc., a privatelyheld, global investment and advisory firm, and ITOCHU Corporation,a Japanese trading company and distributor of manufacturingequipment essential to lithium-ion battery production. ITOCHU hasannual revenue of approximately $90 billion and offices in morethan 80 countries. Ener1 also receives funding from a growingnumber of institutional investors.
Ener1 develops commercial fuel cell products through its EnerFuelsubsidiary and nanotechnology-based materials and manufacturingprocesses for batteries and other applications through its NanoEnersubsidiary.
SOURCE Ener1 Group