Ener1 Signs $40M Strategic Energy Storage Agreement

ENER1, Inc. (Nasdaq: HEV) has signed a strategic cooperation deal with a division of the Russian Federal Grid Company (FGC) to co-develop storage systems under a nation-wide grid modernization program. An equipment-supply, business and technical consulting contract has been signed for $40 million. The Russian government has funded the update of the country's power transmission infrastructure at a level of $15 billion through 2012.