Ener1 Shares Spike on Possible China Contract

Ener1 (HEV) shares are up more than 8% on news that Indianapolis battery maker may have won a contract for an auto parts supplier in China.

According to Indystar, EnerDel [which is owned by New York-based Ener1] will announce a deal today with a Chinese automotive company. State officials said Gov. Mitch Daniels will appear at 4 p.m. today at EnerDel’s new plant near Greenfield for an announcement about a “joint venture agreement that is expected to rapidly accelerate EnerDel’s growth plans in Central Indiana.

EnerDel has not disclosed the customer, but analysts say they expect a deal with Wanxiang Group, an auto-parts supplier in China that is developing electric buses.”

Shares of Ener1 rose 25 cents to $3.20 in recent trading.

Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!

About Ron Haruni 1068 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.