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Ener1, Inc. (OTCBB:ENEI), an alternative energy company, said today that President Bush's State of the Union address had focused the nation's attention firmly on the need to accelerate development of alternative energy resources especially within the American automobile industry. In his speech, President Bush emphasized the need to press ahead with battery research for plug-in electric and hybrid vehicles. He said the United States should set targets to reduce gasoline usage in the U.S. by 20 percent in the next ten years. In this way, he said, the U.S. might radically reduce its dependence on imported oil.
Charles Gassenheimer, Vice Chairman of Ener1, in commenting on the President's speech and its impact on the nation's search to find commercially viable forms of alternate energy, said that Hybrid Electric Vehicles (HEV) and the Plug-In Hybrid Electric Vehicle (PHEV) will play major roles in accelerating the governments' initiatives. "We have long felt that the success of the HEV, PHEV and the electric car will depend, to a very large degree, on the successful development of a lithium-ion battery technology and that is the focus of all of our energy at EnerDel," he said. "We are making excellent strides to develop and commercialize a Li-ion battery that would significantly improve future hybrid vehicles in the U.S. and add value to the American auto industry."
Ulrik Grape, CEO of EnerDel, said that the Li-ion battery is designed to be lighter, smaller and pack more power than the nickel metal hydride batteries currently used in most hybrid vehicles. "The EnerDel team includes a full complement of battery pack engineers with automotive experience, as well as materials and production process engineers experienced in lithium ion battery development and mass manufacturing. Altogether some 50 people -- primarily engineers and scientists -- are involved in bringing our battery to market as soon as possible," he said.
About Ener1, Inc.
Ener1, Inc. (OTCBB:ENEI) is an alternative energy technology company. The company's interests include: 80.5% of EnerDel (http://www.enerdel.com ), a lithium-ion battery company in which Delphi Corp. owns 19.5%; 41% of EnerStruct, a Japanese lithium battery technology company in which Ener1's strategic investor ITOCHU owns 51%; wholly owned subsidiary EnerFuel, a fuel cell products and testing services company (http://www.enerfuel.com ), and wholly owned subsidiary NanoEner, which develops nanotechnology-based materials and manufacturing processes for batteries and other applications ( http://www.nanoener.com ). For more information, visit http://www.ener1.com or call 954-556-4020.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995 conveying management expectations as to the future based on plans, estimates and projections at the time the statements are made. The forward-looking statements contained in this press release involve risks and uncertainties, including, but not necessarily limited to EnerDel's ability to succeed as a supplier of batteries to the hybrid electric vehicle and other markets. Ener1's ability to successfully develop and market proposed lithium battery, fuel cell and nanotechnology-based products and services, the degree of competition in the markets for lithium battery, fuel cell and nanotechnology-based products and services. Ener1's history of operating losses, the lack of operating history for the development stage Ener1 businesses, the need for additional capital, the dependency upon key personnel and other risks detailed in this filings from time to time with the Securities and Exchange Commission. These risks and uncertainties could cause actual results or performance to differ materially from any future results or performance expressed or implied in the forward-looking statements included in this release. Ener1 undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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Marston Webb International
Victor Webb/Madlene Olson
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