Ener1 Appoints Additional Independent Director Names Ludovico Manfredi, Hedge Fund Executive, as Newest Member of Its Board



    FORT LAUDERDALE, Fla., April 21 /PRNewswire-FirstCall/ -- Ener1, Inc.
 (OTC Bulletin Board:   ENEI) announced today that it has appointed a new
 independent director to its board of directors, Ludovico Manfredi, a marketing
 and business development executive for Cheyne Capital, a London-based hedge
 fund management company. Currently, Manfredi is responsible for European
 strategic relationships and business development activities for Cheyne, which
 manages about $6.0 billion in assets. Manfredi will be a member of the
 Company's audit committee and fills a vacancy in the Ener1 Board created by
 the resignation of Ronald Stewart, who remains as Executive Vice President,
 General Counsel and Secretary of the Company.
     (Logo: http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO )
     Prior to joining Cheyne, Manfredi founded and managed Newfield Group, a
 company active in commodities and investments in South America, the Caribbean
 and Western Europe.  Previously, he worked in commodities trading with the
 major European trading firms of Sucres et Denrees in Paris and Riz et Denrees
 in Paris and New York.
     Manfredi has an M.B.A. from the Wharton School of Business, University of
 Pennsylvania, with a major in Finance, and took his initial degree from
 Institut d'Etudes Politiques de Paris, with a major in Economics and Finance.
     Kevin Fitzgerald, chairman of Ener1's board of directors and chief
 executive officer for Ener1, commented, "We are very happy to have Ludovico
 join our board of directors. His coming aboard as an independent, outside
 director and member of our audit committee furthers our continuing efforts to
 increase the level of external oversight in our governance activities, in
 keeping with the requirements of major exchanges, modern regulatory practice
 and the best interests of all of our shareholders. We also expect to benefit
 from Ludovico's extensive business experience and his worldwide business
 contacts as we continue our transition from a research and development company
 to a producer and marketer of lithium-battery, fuel-cell and nanotechnology-
 based products."
     Manfredi added, "I am happy to have the opportunity to work with the other
 members of Ener1's board to help this exciting company progress at this
 important stage of its development.
     In particular, I look forward to lending my experience and skill to the
 board's efforts as it guides Ener1's acceleration of its transition from a
 research and development company to a products company with a global
 perspective."
 
     About Ener1, Inc.
     Ener1, Inc. (OTC Bulletin Board:   ENEI) develops and markets new
 technologies and products for clean, efficient energy sources.  These include
 lithium batteries and battery packs through EnerDel, Inc., its majority-owned
 venture with Delphi Corp., fuel-cell components and testing services through
 its EnerFuel, Inc. subsidiary, and nanotechnology-based materials and
 manufacturing processes and components through its NanoEner, Inc. subsidiary.
 Ener1's products have applications for a broad range of markets that include
 power tools and industrial equipment, medical devices, hybrid vehicle
 propulsion, personal mobility and applications for Homeland Security and
 National Defense.  For more information on Ener1's products, please visit its
 Web site at 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's 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 ability of Ener1 to
 successfully develop, produce 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; Ener1's need for
 additional capital; Ener1's dependency upon key personnel, and other risks
 detailed in Ener1's annual report on Form 10-KSB for the year ended December
 31, 2004, as well as in its other 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.
 
      Contact:    Joe Allen (investors)
                  Allen & Caron Inc.
                  212 691 8087
                  joe@allencaron.com
 
                  Kevin Fitzgerald
                  Ener1, Inc.
                  954 556 4020
                  kfitzgerald@ener1.com
 
 

SOURCE Ener1, Inc.

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