Ener1 Gains 100% Share in Delphi JV Company
Developer and manufacturer of lithium-ion batteries for hybrid and electric vehicles, Ener1, has acquired the 19.5 per cent share in joint venture company EnerDel held by former joint venture partner Delphi Corporation. This share purchase gives Ener1 100 per cent ownership in EnerDel and brings along with it exclusive ownership of essential manufacturing and intellectual property assets from Delphi. The agreement was approved by US judge Robert Drain, who is overseeing Delphi’s efforts to emerge from bankruptcy.
“The agreement gives Ener1 sole ownership of crucial assets at an important time in this rapidly growing industry,” said Ener1 chairman, Charles Gassenheimer. “It gives us more freedom and greater opportunity to bring innovations to market faster and at lower cost. The transition also paves the way for new strategic partnerships, something we have long said is a key competitive objective.”
In addition to EnerDel’s state-of-the art manufacturing facility near the US city of Indianapolis, Ener1 emerges from the Delphi arrangement, formed in October 2004, with a strong battery management systems team and further contributions to what it calls its “already extensive patent portfolio.” Delphi will cease to have any operating control of EnerDel and will no longer maintain a seat on the company’s Board of Directors.
“The market demands new technology from suppliers, particularly now when the need to transition away from fossil fuels is great,” added Gassenheimer. “This is an opportunity for us to unlock important resources and bring them into play quickly and competitively.”