(Story updated with analyst reaction to Ener1 joint venture and share price updates)NEW YORK ( TheStreet) -- Lithium battery maker Ener1 ( HEV) says it has signed a joint-venture agreement with China-based Wanxiang Electric Vehicle to produce lithium-ion cells and battery packs for the rapidly growing Chinese market.
Warrier said the joint venture is significant for Ener1's longer-term success. However, the company won't be recognizing any revenues given its minority position in the partnership; it would report any earnings in other income. Shares of Ener1 are surging by 30.2% to $4.79 midday Tuesday. Shares of A123 ( AONE) were rising by 1.2% to $10.63, while Valence ( VLNC) was down 1.2% to $1.67. Polypore ( PPO) was down 0.9% to $45.60 after a run-up to a 52-week high of $48.20 on Jan. 14. This
joint venture is a positive for the stock as you can see," said Michael Lew of Needham & Company. "The Chinese market is focused on EVs and could arguably be a leader for this emerging industry. Ener1 beomes better positioned." -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: email@example.com.
|More on Earnings Today's Top Earnings|