Power Electronics

ITOCHU Corp. to Invest $3.5 Million in ENER1

7/21/2003

Edited by PETech Staff

ITOCHU Corp. to Invest $3.5 Million in ENER1

ENER1 Inc. recently signed a letter of intent with ITOCHU Corp., which calls for ITOCHU to invest $3.5 million in ENER1, through a purchase of ENER1's common stock, with options to increase ITOCHU's ownership in stages. Both companies expect that this initial investment will be the first step of many in their emerging relationship, in which ITOCHU will be not only an investor, but also a technology and marketing partner with ENER1.

ITOCHU has completed its technical due diligence, and the stock purchase is expected to close within the next 30 days once the business due diligence and final agreement are successfully completed.

For more information, visit www.ener1.com. or www.itochu.com.

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