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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe parent company of lithium-ion battery maker EnerDel Inc. has raised another $65 million to help finance operations and ramp up its manufacturing operations in the Indianapolis area.
New York-based Ener1 Inc. announced Friday that it agreed to sell $55 million of senior unsecured notes, along with shares of common stock and warrants, to investment funds led by Goldman Sachs Asset Management LP. The company also announced the sale of $10 million in senior convertible notes to strategic partner Itochu Corp.
This round of financing follows a $65 million investment on June 1 from principal shareholder Ener1 Group, which is backed by Russian pulp and paper industrialist Boris Zingarevich. Ener1 received a $20 million investment from Itochu last December.
One remaining piece of the financing plan for Ener1, which has yet to turn a profit, is a low-interest loan from the Department of Energy. The company has said it received a term sheet for about $300 million.
EnerDel employs about 300 people between its Hague Road headquarters, a facility in Noblesville and leased factory space in the Mount Comfort area of Hancock County. The company has said it will invest $600 million and hire 1,400 people here over the next several years as it ramps up production to 120,000 battery packs a year. The battery packs EnerDel makes locally are for electric vehicles. The company is the supplier for Norwegian electric car maker Think.
Ener1 said in a prepared statement that it will use the latest shot of $65 million for general operating expenses and to help it boost capacity.
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