NEW YORK, July 28, 2011 /PRNewswire/ -- Ener1, Inc. (NASDAQ: HEV), a leader in lithium-ion energy storage solutions, today announced a supply and distribution agreement with Lightning Motorcycles, the maker of the world's fastest production electric motorcycle. As part of the agreement, Ener1 will supply Lightning Motorcycles with its automotive-grade, lithium-ion battery cells -- designed for plug-in hybrid electric vehicles -- for use in its Lightning SuperBike. Ener1 will also supply cells for Lightning's commuter motorcycle and scooter, which will be developed over the next few years. (Photo: http://photos.prnewswire.com/prnh/20110728/CL43213 ) (Logo: http://photos.prnewswire.com/prnh/20080312/CLW018LOGO ) Consumer demand for e-bikes is expected to continue its growth trajectory. According to a 2010 report published by Pike Research, the global market for electric two-wheeled vehicles, including e-bikes, e-scooters, and e-motorcycles, will grow at a compound annual rate of nine percent through 2016. Lightning Motorcycles is expecting to answer some of that demand by first introducing a street-legal version of its record-holding Lightning SuperBike, which became the world's fastest production electric motorcycle with the FIM and AMA official world record of 173.388 mph during the world finals in October last year. "We've tested many different battery solutions over the last year, including Ener1 and several of its competitors," stated Richard Hatfield, founder of Lightning Motorcycles. "The Lightning data and test results showed us that Ener1's lithium-ion batteries far out-perform those from competing companies, which is why we've switched to using their cells in our electric motorcycles. Lightning Motorcycles is committed to using what we believe to be the most powerful, safest, best-of-breed batteries on the market, which is why we're also extremely pleased to be representing Ener1 as an official distributor." Lightning Motorcycles has been distributing electric parts and components for several years with a strong focus on and knowledge of serving the electric motorcycle and light-duty vehicle markets. In addition to the supply relationship, Lightning Motorcycles will also serve as an end-user distributor for Ener1's PHEV and EV lithium-ion cells.
Shares of Ener1 (Nasdaq:HEV) were gapping down Wednesday morning with an open price 19.2% lower than Tuesday's closing price. The stock closed at 26 cents yesterday and opened today's trading at 21 cents.