Ener1 to Supply Lithium Batteries to Hyundai Heavy Industries, Mower-Maker Toro

Ener1 to Supply Lithium Batteries to Hyundai Heavy Industries, Mower-Maker Toro

By Scott Doggett August 6, 2010

Ener1 has announced that it has signed up two new customers for its lithium-ion automotive batteries: South Korea's Hyundai Heavy Industries and Toro, the Minnesota maker of lawn mowers.

Hyundai Heavy Industries will receive Li-ion battery packs for electric buses this year. The packs are similar configurations as packs currently in operation in California with AC Transit.

Ener1, which is headquartered in New York, will provide Toro with a complete turnkey solution to create a battery-powered mower using the hard carbon mixed oxide, 17.5 Ah cell developed for EV-maker THINK.

Ener1 CEO Charles Gassenheimer announced both new customers during the company's second-quarter earnings conference call Thursday.

Ener1 has now publicly announced two programs in the light-duty passenger vehicle market (THINK and Volvo) and three heavy duty programs, including Hyundai and AC Transit.

Ener1's net sales in the second quarter were $16.1 million, an increase of 113 percent over net sales of $7.5 million in the second quarter of 2009. Net sales were $27.0 million for the six months ended June 30, an increase of 72 percent over net sales of $15.7 million in the prior year six month period.

Net loss was $15.5 million in the second quarter of 2010 compared to $13.0 million in the 2009 second quarter. Net loss was $31.0 million for the six months ended June 30 compared to $20.3 million for the six months ended June 30, 2009.

Scott Doggett:  is an AutoObserver.com Associate Editor.