In August 2003 Itochu Corporation and Ener1 formed a new company in Japan called Enerstruct, Inc. Itochu owns 51% of Enerstruct and Ener1 owns 49%. The name "Enerstruct" reflects the company's goal to redefine "Energy Structure," and provide high energy, high power batteries for various applications. Enerstruct will target the Japanese power sector including stationary fuel cells, hybrid powered automobiles and applications requiring rechargeable batteries across various industries.