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Ener1, Inc., (BULLETIN BOARD: ENEI) an alternative energy company, has become the first to successfully integrate a lithium-ion battery into an operating hybrid electric vehicle (HEV), an important milestone for the electric vehicle industry.
The company's automotive battery division, Indianapolis-based EnerDel, will exhibit its unique high-powered lithium-ion battery pack in an operating HEV at the International Electric Vehicle Symposium and Exposition (EVS-23) in Anaheim, California Dec. 2-4.
"We have made a major stride toward providing the power, safety, and affordability that the market has been waiting for," commented Ulrik Grape, Ener1 Executive Vice President for Global Sales and CEO of EnerDel. "We believe that ours is the safest high-power lithium-ion battery available for hybrid electric vehicles."
EnerDel's engineering team has modified a Toyota Prius vehicle to work successfully with the company's exclusive battery chemistry and design. Making approximately twice the energy available for the car's use compared with the existing nickel metal hydride battery is expected to substantially increase performance.
EnerDel publicly unveiled its HEV battery pack prototype on October 9 in an event at its Indianapolis manufacturing facility presided over by Congressman Dan Burton. Third-party testing results on the battery's performance in the Prius are expected to be released during the first quarter of 2008.
EnerDel is scheduled to deliver a prototype electric vehicle (EV) battery to Think Global of Norway in March under a $70 million development and supply agreement. The company has also received a $6.5 million contract from the U.S. Advanced Battery Consortium for development of a plug-in hybrid electric vehicle (PHEV) battery.
On November 20 Ener1 announced completion of a $32 million common equity private placement with a group of six major financial institutions and an alternative energy investment trust.
"Our latest technological achievement, and recent completion of a very successful round of capital raising, position us to win major new hybrid, plug-in hybrid, and electric vehicle contracts," commented Ener1 Chairman Charles Gassenheimer. "We have the kind of momentum now that makes us a serious force in the industry."
Ener1 will provide a video tape to the media for broadcast background which will include footage of the Prius test drive. The tape will also be available on the company's web sites at http://www.ener1.com/ and http://www.enerdel.com/ .
Information on EVS-23
EnerDel will exhibit its lithium-ion battery pack in a Toyota Prius at EVS-23 in booth #369 Dec. 2-4. EnerDel's R&D manager, Taison Tan, will deliver a technical presentation for registered participants on Tuesday, Dec. 4, 08:00 - 09:30 during Auditorium Session 3D titled Energy Storage - Batteries. EVS-23 gathers together business, policy, industry and academic leaders worldwide to explore market challenges of electrical transportation technologies ( http://www.evs23.com/ ).
About Ener1, Inc.
Ener1, Inc. (BULLETIN BOARD: 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 the 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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For further details contact:
T: (954) 556-4020
For media inquiries:
Victor Webb/Madlene Olson
Marston Webb International
T: (212) 684-6601
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