Ener1 earns Think Global Li-ion battery contract

Oct. 25, 2007

Think Global (www.think.no), manufacturer of the Th!nk City electric vehicle, has awarded Ener1, Inc. (www.ener1.com) subsidiary EnerDel (www.enerdel.com) a contract for Lithium ion batteries that could eventually be worth more than $200 million.

Think Globall, manufacturer of the Th!nk City electric vehicle, has awarded Ener1 Inc. subsidiary EnerDel a contract for Lithium ion batteries that could eventually be worth more than $200 million.

EnerDel's Li ion solution for the electric vehicle drive trains is designed to have higher energy density than HEV cells and to enable vehicles to last up to 100 miles (160 kilometers) without recharging. The contract calls for EnerDel to deliver production prototypes in March 2008 and pre-production parts in July 2008, with a value of approximately $1.4 million. Production orders 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.