Ener1 Appoints Mendes CEO and Chairman

    FT. LAUDERDALE, Fla., Oct. 9 /PRNewswire-FirstCall/ -- Ener1, Inc.,
 (OTC: ENEI) announced today that it has named Victor Mendes Chief Executive
 Officer and Chairman of the Board of Directors. He was named Chairman of
 private equity firm Ener1 Group, Ener1's majority shareholder, two weeks
 ago.
     (Logo: http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO )
     "Victor has a track record in creating value and improving efficiencies
 at major global corporations," said Mike Zoi, an Ener1, Inc., Board member.
 "We believe Ener1 is now ready to benefit from Victor's global management
 skills and his ability to implement sustainable business operations that
 successfully leverage resources and drive performance."
     Prior to joining Ener1, Mr. Mendes served as Chief Executive Officer of
 CHEP International, a $2.7 billion global logistics business providing
 equipment management and supply chain support services to the fast-moving
 consumer goods (FMCG) and automotive industries. Previously, he was Chief
 Executive Officer of Recall Corporation, a global document management
 business with operations in 22 countries. Mr. Mendes also spent more than
 10 years at GE's Industrial Systems division and at GE FANUC Automation
 Corporation, a joint venture between GE and FANUC LTD of Japan. While at GE
 FANUC, Mr. Mendes served on the Board of Directors and held several
 executive positions. He was responsible for the company's automotive
 programs division and for its computer numerical control business.
     "I am excited to lead such a unique assembly of high-technology, high-
 potential businesses," said Mr. Mendes. "In response to the dramatic
 increases in energy prices, everyone -- government, the automotive sector
 and consumers -- is seeking alternative energy solutions. Our lithium-ion
 batteries for hybrid vehicles and our fuel cells, along with our pipeline
 of nanotechnologies, provide a strong foundation for growth."
     Mr. Mendes added that Ener1's markets offer excellent opportunities for
 the company to ramp-up its revenue. For example, the market for advanced
 batteries is expected to rise to half a billion dollars by 2008, and hybrid
 electric vehicles are expected to account for up to 35% of the U.S. auto
 market by 2015. The estimated global market for fuel cell products is
 expected to exceed $2 billion by 2009, and $13 billion by 2014.
     A native of Brazil, Mr. Mendes holds a degree in Mechanical Engineering
 from the University of Brasilia and a Master degree in Precision Machinery
 Engineering from the University of Tokyo. He is fluent in English,
 Japanese, Portuguese and Spanish.
     ATTENTION EDITOR: Photograph of Victor Mendes available upon request.
     About Ener1, Inc.
     Ener1, Inc. (OTC Bulletin Board:   ENEI) is an alternative energy
 technology company. The company's interests include: EnerDel
 (www.enerdel.com), a lithium battery company in which Delphi Corp. owns a
 minority interest; Enerstruct, a Japanese lithium battery technology
 company in which Ener1's strategic investor ITOCHU owns a significant
 interest; wholly owned subsidiary EnerFuel, a developer of fuel cells and
 related products (www.enerfuel.com), and wholly owned subsidiary NanoEner,
 which develops nanotechnology-based materials and manufacturing processes
 for batteries and other applications (www.nanoener.com). 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'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: Ener1's ability to succeed as a
 supplier of batteries to the hybrid electric vehicle and other markets;
 Ener1's plans to reduce costs and gain a competitive advantage by
 consolidating manufacturing operations and implementing automated
 production processes; charges Ener1 will incur in connection with
 consolidating manufacturing operations; EnerFuel's ability to develop and
 sell products and services in its planned markets; 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, the need for additional capital, the dependency upon key
 personnel and other risks detailed in Ener1's 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.
     Media Contact:
     Alys Daly
     Ener1
     305-815-0312
     adaly@ener1.com
 
 

SOURCE Ener1, Inc.

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