NEW YORK, Aug. 24, 2011 /PRNewswire/ -- Powered by Ener1 (NASDAQ: HEV), a leader in lithium-ion energy storage solutions, Lightning Motorcycles shattered the land-speed record for an electric motorcycle (class APS-Omega) last week at 215.90 mph. Lightning's SuperBike set the record during the 63rd annual Bonneville SpeedWeek on the Bonneville Salt Flats outside Wendover, Utah. Ener1 supplies the PHEV lithium-ion battery that powers Lightning's SuperBike. (Logo: http://photos.prnewswire.com/prnh/20080312/CLW018LOGO ) "It's extremely rewarding to be working with such an innovative customer like Lightning Motorcycles, which has set multiple land-speed records over the last year," stated Chris Cowger, president of Ener1. "Lightning recently switched to using Ener1's automotive-grade, lithium-ion PHEV cells in their motorcycles, and we're glad to be part of the team that helped them achieve the world land-speed record. We're also excited that the technology and innovation Lightning uses for its record-holding SuperBike will also be available when the company's electric commuter motorcycle and scooter hit the market next year." In addition to using Ener1's PHEV cells in its SuperBike, Lightning Motorcycles also recently signed a supply and distribution agreement with Ener1. The company will use its extensive experience in designing and engineering electric motorcycles to sell more PHEV and EV cells and energy storage solutions into the growing e-bike market. "Ener1's PHEV cells performed flawlessly at Bonneville, and we're extremely pleased with our decision to switch to their energy storage solutions," stated Lightning Motorcycles Founder and CEO Richard Hatfield. "Our goal is to push electric-motorcycle technology to parity with gas-powered motorcycles, and we believe Ener1 will be a terrific partner in helping us realize that goal for both our racing and commercial bikes." Lightning Motorcycles had previously set the FIM and AMA official world record of 173.388 mph during the world final in October 2010. During last week's Bonneville SpeedWeek, Lightning set a new land-speed record of 206.079 mph early in the week and then topped it again by setting the current land-speed record of 215.90 mph. About Ener1, Inc. Ener1, Inc. is a publicly traded (NASDAQ:HEV) energy storage technology company that develops compact, lithium-ion-powered battery solutions for the transportation, utility grid and industrial electronics markets. Headquartered in New York City, the company has nearly 700 employees with manufacturing locations in the United States and Korea. Ener1 also develops commercial fuel cell products and nanotechnology-based materials. For more information, visit Ener1's web site at www.ener1.com. Safe Harbor Statement Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
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.