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
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"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.
SOURCE Ener1, Inc.