Ener1 Inc. (Fort Lauderdale, FL), a developer of lithium batteries and fuel cells, announced that it has arranged for expanded financing from Ener1 Group Inc., its majority investor. The additional funds will bring total Ener1 financing from Ener1 Group to more than $6.5 million in 2003.
Ener1 Group said that it plans to continue its financial support of Ener1's operations. The new funds will be used for working capital to support Ener1's product development and marketing activities, including work arising from Ener1's recently formed alliance with ITOCHU Corp.
