Parent of Indianapolis-based EnerDel parent reports rising revenue for 2008

The IBJ

Ener1 Inc., the New York parent of fledgling Indianapolis-based advanced battery developer EnerDel, yesterday reported soaring revenue in 2008, but higher-than-expected losses due to rising expenditures for research and development.

Revenue for the fiscal year ended Dec. 31 was $6.8 million, up from $280,000 in 2007.

The company lost $42.9 million, or 42 cents per share, in 2008, down from $61.9 million, or 85 cents per share, the previous year. The loss was 2 cents per share below analyst estimates.

Ener1 said operating expenses rose to $36 million in 2008 compared to $21 million in 2007 as the company doubled R&D spending to $23 million.

"2008 was an important year for Ener1 on a number of levels," CEO Charles Gassenheimer said in a prepared statement. "We built the foundation for tremendous growth during a challenging year."

In January, Ener1 applied for $480 million in 10-year financing under the Department of Energy's Advanced Technology Vehicle Manufacturing        Incentive Program, a direct loan program to finance production expansion and build an additional manufacturing facility.

EnerDel makes batteries for hybrid, plug-in hybrid and pure electric vehicles at its 92,000-square-foot local facility at 8740 Hague Road on the north side.