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Home > Press > Ener1 Announces Headquarter Transition to New York

Abstract:
Ener1, Inc. (Amex: HEV), maker of advanced battery technology to power the next generation of hybrid, electric and plug-in vehicles, today announced that it has officially moved its world headquarters to New York City. The Company's New York office address is 1540 Broadway, Suite 25C, New York, NY 10036.

Ener1 Announces Headquarter Transition to New York

New York, NY | Posted on August 12th, 2008

Ener1 moved to its new offices in New York in May in preparation for its listing on the American Stock Exchange (AMEX) on May 8, 2008. This was part of a strategic move to relocate the corporate headquarters to New York. The Company has exited its Ft. Lauderdale offices at 500 West Cypress Creek Road and will be subleasing the premises for an approximate saving of $330,000 in cash lease payments through the original lease termination date. Administrative offices in Florida have been consolidated into 1751 Cypress Creek Road, which is owned outright by Ener1. The Ft. Lauderdale office is a research and development center for the development of advanced coating applications and electrode manufacturing processes at its NanoEner division. EnerFuel's location in West Palm Beach is unchanged.

"Relocating our headquarters to New York allows us to more readily access our significant and growing presence in Indianapolis, Indiana, our domestic and international customer base, as well as allowing us closer proximity to our institutional investors," said Ener1 Chairman, Charles Gassenheimer. "New York is one of the few cities to offer such a unique global platform."

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About Ener1, Inc.
Ener1 develops and manufactures compact, high performance lithium-ion (Li-ion) batteries to power the next generation of hybrid and electric vehicles. The publicly traded company (Amex: HEV) is led by an experienced team of engineers and energy system experts who are building proprietary innovations based on technology originally pioneered at the Argonne National Lab, the engineering and chemistry teams at its lithium-ion battery subsidiary in Indiana, and the assistance of ITOCHU Corporation.

Ener1 makes its batteries in Indiana, in a state-of-the-art facility, and is seeking to be the first company to mass-produce a cost-competitive lithium-ion battery for hybrid and electric vehicles in the United States. Demand for cost effective battery solutions is being driven by a need to reduce dependence on oil as well as growing concern about vehicle emissions. In addition to the autos, applications for Ener1 technology include military and aerospace, utilities and industrial, medical, and other growing markets.

The company recently received the prestigious R&D 100 award for excellence in its technology and uniquely innovative design. The award is shared by Ener1 and its research partners at Argonne. Ener1 is an active member of the United States Advanced Battery Consortium, which works closely with automakers, component companies and others to accelerate the commercial development of new battery technology.

Major shareholders are Ener1 Group, Inc., a privately held, global investment and advisory firm, and ITOCHU Corporation, a Japanese trading company and distributor of manufacturing equipment essential to lithium-ion battery production that has annual revenue of approximately $90 billion and offices in more than 80 countries. Ener1 also receives funding from a number of institutional investors.

Ener1 is also developing commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary.

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Contacts:
INVESTOR RELATIONS:
Rachel Carroll
VP Corporate Communications
P: 212 920 3500


MEDIA RELATIONS:
Jon Coifman
Waggener Edstrom Worldwide
P: 212 907 6516

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