Ener1 To Enter Utility Energy-Storage Market, Inks Deal
November 25 2009 - 8:17AM
Dow Jones News
DOW JONES NEWSWIRES
Ener1 Inc. (HEV) announced it will enter the utility-scale
energy- storage market, supplying batteries for a new federal
smart-grid program.
The U.S. Department of Energy on Tuesday unveiled 16 projects
would get federal funding. One is a Pacific Northwest team
including Portland General Electric Co. (POR) to conduct a regional
smart-grid demonstration project designed to expand upon existing
electric infrastructure and test new smart-grid technology with up
to 60,000 customers in five states.
Ener1 will build the batteries for five one-megawatt power
systems that will be used by Portland General "to help manage peak
demand and smooth the variations in power from renewable sources
like wind and solar."
Shares of the rechargeable-battery maker closed Tuesday at $5.42
and were inactive premarket. The stock is down 24% this year. Ener1
earlier this month said its third-quarter loss widened as higher
research and development costs and other expenses offset sharply
higher sales.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com