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Ener1, Inc. (BULLETIN BOARD: ENEI) today announced the appointment of Thomas J. Snyder and Kenneth R. Baker as members of its board of directors. Both executives have distinguished careers in the automotive and technology industries and have extensive experience in electric vehicles and batteries.
Mr. Snyder served as the President from 1994 and Chief Executive Officer from 2000 through 2006 of Remy International in Anderson, Indiana and recently as the Chairman of the Flagship Energy Systems Center (FESC) in Anderson. FESC is Indiana's first energy-focused center of excellence working on leading technologies, including hybrid systems, lithium batteries, solid oxide fuel cells and alternative fuels. Mr. Snyder is currently serving as the President of Ivy Tech Community College of Indiana, a leading mid-western educational institution with over 100,000 student enrollment.
Mr. Snyder led the management buyout of Delco Remy from General Motors in 1994. During his 11 years with Delco Remy International, he established a new business model and diversified the company from a captive General Motors supplier to a global leader in truck, off road and aftermarket products, increasing the company in size from $500 million to over $1.2 billion in sales and worldwide employment from 1,500 to 6,000. Prior to this acquisition Mr. Snyder had a distinguished career at General Motors.
Mr. Snyder graduated from Kettering University, formerly General Motors Institute in 1967, with a degree in mechanical engineering and also holds a master's degree in business administration from Indiana University. He is a member of the Executive Committee of the Indiana State Chamber, a member of the Executive Council of the Saint Theodore Guerin High School in Noblesville, a board member of the Paramount Theatre restoration in Anderson, Indiana and a past member of the prestigious World Economic Forum in Davos, Switzerland.
Mr. Baker has most recently served as President, CEO and member of the Board of Trustees of Altarum Institute, a leading nonprofit research institute recognized for advanced informatics/decision support applied to the areas of national defense, healthcare, homeland security and environment. Prior to that, Mr. Baker served as the Vice Chairman and Chief Operating Officer of Energy Conversion Devices in 1999.
Mr. Baker served as an executive at General Motors for over 30 years until his retirement in 1999, including Vice President of Global Research & Development and program manager of GM Electric Vehicles. He was the founding chairman of the USABC (United States Advanced Battery Consortia), the organization that has partially funded EnerDel's Lithium ion battery development. Mr. Baker graduated with a Bachelor of Science in Mechanical Engineering from Clarkson University. He currently serves on the board of directors and is a member of the audit and compensation committees of Millennium Cell, Inc., serves on the board of directors and is a member of the audit committee of AeroVironment, Inc., and serves on the board of directors of the National Coalition for Advanced Manufacturing, the Board of Governors of Cranbrook Science Institute, and the Board of Trustees of the Center for Automotive Research.
Charles Gassenheimer, Vice Chairman of Ener1, stated "We continue to fulfill our promise to investors to build a successful, world-class organization. These quality board members and the recent addition of Subhash Dhar as President show that some very experienced and talented industry executives believe in the Ener1 technology and the company's future."
Subhash Dhar, President of Ener1, added "These are powerful, industry- experienced directors whose participation will play an invaluable part in our plan to win the technology battle for lithium ion batteries for hybrid and plug-in hybrid electric vehicles. We welcome Tom and Ken, and look for their participation and guidance to help us make tremendous strides in our core businesses."
About Ener1, Inc.
Ener1, Inc. (OTCBB: ENEI) is an alternative energy technology company that is developing 1) lithium ion batteries for hybrid electric vehicles (HEV) at its 80.5% owned EnerDel subsidiary through corporate ventures and strategic partnerships with Delphi, ITOCHU and EnerStruct, 2) commercial fuel cell products through its EnerFuel subsidiary, and 3) nanotechnology-based materials and manufacturing processes for batteries and other applications at its NanoEner subsidiary. 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: the Company's ability to achieve the milestones upon which funding from its controlling shareholder is conditioned; 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; EnerFuel's ability to complete the development of and sell the surveillance camera; 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 filings made 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. Ener1, Inc.
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