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.

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About Ron Haruni 1063 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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