The power you get from your home outlet may soon come from Ener1
Grid storage is the less talked about, but equally exciting, opportunity for Ener1 and A123 Systems
Companywide sales were $17.3 million, up 112.7% year over year and 7.5% sequentially. Net loss widened to $26.9 million or $0.18 per share. We still aren't seeing great financial results, but as sales increase, capacity will be utilized more efficiently, and we'll slowly see losses fade.
Ener1 saw an uptick in heavy-duty demand, similar to what we saw at Valence Technology
The company anticipates being EBITDA break-even by the end of 2011, at least giving us a benchmark by which to evaluate the company. Looking further down the road, Ener1 sees revenues between $600 million and $800 million in 2013. This wouldn't be dependent on the electric vehicles grabbing headlines but rather heavy-duty buses and grid energy storage. While Tesla Motors
The third quarter may not have been a headline popper, but I was happy to hear the heavy lifting for shareholders may be over. I've been critical of constant equity offerings diluting Ener1's shareholders, but with $34 million in cash on hand, management is confident the company would be able to sustain itself going forward.
The foundation has been laid. Now it's time to execute.
Lithium, ions, and more:
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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