This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ener1 Achieves Milestones For Mobile GTES Grid Energy Storage Project

NEW YORK, Sept. 13, 2011 /PRNewswire/ -- Ener1, Inc. (NASDAQ: HEV), a leader in lithium-ion energy storage solutions, today announced it has completed several milestones for its contract with Russia's Mobile GTES, a wholly-owned subsidiary of Federal Grid Company (FGC) of Unified Energy System (MICEX: FEES), to co-develop lithium-ion-based distributed energy storage systems as part of a nation-wide grid modernization program.

(Logo: )

As part of the $40-million supply and consulting agreement, Ener1 has developed and manufactured two distributed energy storage systems, which have been tested and certified by KEMA, one of the leading independent testing and certification companies for the energy and utility industry.  The KEMA certificate provides assurance that the system has been tested to meet the standards required under Ener1's agreement with Mobile GTES, as well as certain reliability and safety requirements.

"Achieving the KEMA certification milestone gives us the confidence that our systems are designed and manufactured to the standards required for these particular energy and utility applications," stated Ener1 President Chris Cowger.  "Once installed, we believe these units will be viable solutions in providing back-up power for two power substations and for future integration of intermittent renewable energy sources, as part of Russia's electric grid modernization effort."

Ener1's first system was delivered to the Black Sea port city of Sochi, where it is currently being installed, tested and commissioned to provide large-scale emergency power backup for the micro-grid being built to support the 2014 Winter Olympic Games.  The second unit is anticipated to be shipped to St. Petersburg -- where it will be installed, tested and commissioned -- later this year.  Having achieved these milestones with Mobile GTES, Ener1 has received several additional payments since August 25 totaling more than $13 million.  To date, Ener1 has received more than $20 million as part of the supply contract.

In addition to these commercial scale distributed energy storage systems, Ener1 also developed a fully operational, 70-kWh demonstration unit, which it previously shipped to Russia.  The Federal Grid Company will display the operational unit in its exhibit at the upcoming Sochi International Investment Forum to be held September 15-18.  The exhibit will provide attendees with a better understanding of how these two companies could strategically manage energy storage for the country's electric grid.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs