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Ener1, Inc. announced that on Tuesday, October 9, 2007 at 9:00 A.M., its Indianapolis-based subsidiary, EnerDel, Inc., is holding a media day to unveil a fully functional Lithium-ion battery pack developed specifically for the HEV (Hybrid Electric Vehicle) market. U.S. Congressman Dan Burton will preside over the event. Following the unveiling, the EnerDel engineering team will deliver a technical overview of the battery technology.
Charles Gassenheimer, Vice Chairman of Ener1, stated, "We are honored that Congressman Burton will preside over this unveiling in his home state of Indiana. We believe that our battery technology is a pivotal advancement that will enable HEVs and eventually PHEVs (plug-in hybrids) and EVs (electric vehicles) to become the predominant forms of transportation in the world. Over the next five and ten years, we expect that the conversion of the consumer automobile fleet to HEV, PHEV and EV will have the single greatest impact on the reduction of fossil-fuel energy consumption and greenhouse gasses of all alternative energy technologies. EnerDel has developed a safe, high-powered Lithium ion battery for HEVs that we will manufacture in the United States, creating 'Green Collar' jobs for our economy. As a company, we are proud of our employees who continue to deliver to our shareholders on milestones that we announced in June 2007."
Ulrik Grape, Chief Executive Officer of EnerDel, added, "We see a tremendous market opportunity rapidly developing for a safe Lithium ion battery for HEVs made in the U.S.A., and continue to accelerate our development efforts to meet this market need. Our EnerDel team has accomplished a great technological achievement. Next on the agenda is to deliver a working HEV with our battery pack in late December 2007 for on-the- road testing. We also have begun work on PHEV batteries, which use a different chemistry than HEV batteries. We plan to use the same approach on PHEV batteries, which is to deliver the safest battery that is technologically possible while maintaining high performance standards."
Congressman Dan Burton is currently serving his thirteenth term as a United States Representative from Indiana's Fifth Congressional District. His first term in Congress began in January of 1983. The Fifth District lies in the heart of central Indiana and includes all of Tipton, Grant, Miami, Wabash, Huntington, Hamilton, and Hancock Counties, as well as parts of Marion, Shelby, Howard and Johnson Counties. When Congressman Burton assumed the Chairmanship of the House Committee on Oversight & Government Reform in the 105th Congress, he became the first Hoosier Republican to Chair a full House Committee in more than sixty years.
An archival web cast of the event will be available on the company's web sites (http://www.ener1.com and www.enerdel.com) on the day following the event. The event will be hosted at the EnerDel high technology facility located at 8740 Hague Road, Bldg. 7, Indianapolis, IN. Media interested in the event should contact Jerry Herlihy at Ener1, Inc. (954) 556-4020 or Victor Webb, Madlene Olson or William Keegan at Marston Webb International (212) 684-6601
EnerDel is owned by Ener1, Inc. (80.5%) and Delphi Corporation (19.5%). EnerDel has a pilot production facility in Indianapolis, Indiana. EnerDel currently employs approximately 60 highly experienced engineers and technicians involved in the battery development of both cells and systems. For more information, please visit: www.enerdel.com
About Ener1, Inc.
Ener1, Inc. 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, 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.
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