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Indianapolis-based Battery Manufacturer Files For Bankruptcy

Ener1 has filed for Chapter 11 bankruptcy protection to reduce its debt and recapitalize the company.

Ener1 Battery

Photo: Argonne National Library (Flickr)

Ener1 manufactures lithium-ion batteries and is based in Indianapolis.

The parent company of an Indianapolis-based lithium-ion battery manufacturer says it has filed for Chapter 11 bankruptcy protection in order to reduce debt and provide $81 million to recapitalize the company.

Ener1 Incorporated says its subsidiaries, including Indianapolis-based Enerdel, will continue to operate as normal with no layoffs planned as a reult of the filing. Last October, Enerdel received a $118 million U.S. Energy Department grant to make electric-car batteries. Ener1‘s restructuring plan is the latest shakeup for the company. It has had three chief executive officers in the last year.

Alex Sorokin is currently serving as interim CEO. He replaced Chris Cowger who was in the position for slightly more than a month.

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