It was a positive quarter and year for Ener1 as it now looks forward to a number of customer programmes for its lithium-ion battery technology.
Revenues for Ener1 were reported at $6.8 million compared to $280,000 in 2007. Its fourth quarter 2008 revenues came in at $6.3 million though its operating expenses were $36 million for the whole of 2008 compared to $21 million in the previous year. Its net loss came in at $43 million compared to $51.7 million in 2007.
Though the net loss was disappointing, Ener1 can take encouragement from consumer interest in its lithium-ion batteries from all segments despite the distress of the auto industry. The company has now segmented its accounts with a focus list of ten high-priority customers that represent a near term revenue opportunity or are of strategic importance. Ener1 also highlighted its deal with Think for the Think City Electric Vehicle – the packs for this are now in final testing.
In addition, Ener1 highlighted that it has in-vehicle testing in four different programmes; an electric vehicle battery pack programme for a demonstration vehicle; a plug-in hybrid electric vehicle battery pack testing programme with a European automotive company; an electric vehicle conversion programme for speciality vehicles; a conversion programme for a national postal service; a large-format cell development programme for a tier-one supplier in Europe; and an early design concept with a European automotive company.
The company’s total assets now stand at $142 million compared to $31 million in 2007.
