Ener1, Inc. (OTCBB: ENEI) has announced that its EnerDel subsidiary, previous post, entered into a Supply Agreement with Think Global of Oslo, Norway, the manufacturer of the Th!nk City electric vehicle (EV). Under the agreement, Think Global has selected EnerDel as the supplier of choice for prismatic Lithium ion (Li ion) batteries that will be used to power its Th!nk City vehicle. . . .
EnerDel’s Li ion solution for the Electric Vehicle drive train is designed to have higher energy density than HEV cells and to enable vehicles to last up to a goal of 100 miles (160 kilometers) without recharging.
Under the Agreement, EnerDel must deliver production prototypes in March 2008 and pre-production parts in July 2008, with a value of approximately $1.4 million. Once these milestones are met to the satisfaction of Think Global, production orders under the contract are expected to result in EnerDel battery sales of $70 million over the two-year period ending in 2010. Under Think’s growth plan, the total value of the contract could eventually exceed $200 million. . . .
Th!nk global is the new owner of the electric car producer Th!nk. Formerly part of the Ford Motor Company, Th!nk was taken over by a group of Norwegian investors in March 2006. Think’s existing factory in Norway is presently being upgraded by Porsche Consulting to make it one of Europe’s most cost efficient assembly plants ready to mass-produce the Think model in 2008. The two seater Think City EV is about 2 feet shorter than a Mini Cooper, and a bit taller. When first announced the car was claimed to go 110 miles on a single charge. The battery can be charged using the electrical outlet at home. Top speed is currently capped at 62 mph. . . . more