Ener1 Group and ITOCHU Form Technology Incubation Company

Sep 07, 2005, 01:00 ET from Ener1 Group, Inc.

    FORT LAUDERDALE, Fla., Sept. 7 /PRNewswire/ -- Ener1 Group, Inc.
 ( http://www.ener1group.com ), a privately held technology investment company,
 today announced the launch of PrioVista Laboratories, Inc. together with
 partners ITOCHU Corporation and Enerstruct Inc.  The new company will leverage
 Ener1 Group's relationships with scientists and inventors at universities and
 research labs, as well as ITOCHU's vast network of industry leaders and
 research institutes.
     PrioVista will concentrate its incubation activities on technologies that
 have applications for the energy, biomedical, information and
 telecommunication markets.  The company will incubate its technology through
 the proof-of-concept stage, at which time it will either license or partner
 with another company for mass production.
     PrioVista's first initiative is the development of raw materials that are
 critical to the performance of lithium-ion batteries.  The company is
 engineering a new process to produce cathode materials that would offer
 greater product quality and production flexibility at a lower cost than
 existing methods used to mass manufacture cathode materials. PrioVista has
 assembled a team of senior engineers with expertise in developing and
 producing lithium-ion raw materials, and PrioVista is working with equipment
 manufacturers to develop the unique production process. PrioVista expects to
 begin demonstrating its new production process by the beginning of 2006.
     The market for raw materials is expected to escalate 300 percent by 2013,
 compared to 2004. This significant growth is due to the demand for lithium-ion
 batteries that will be used for hybrid electric vehicle applications.
     About Ener1 Group
     Ener1 Group, a privately held company, invests in companies that are using
 their unique technologies and know-how to aggressively pursue and gain
 leadership positions in a variety of multi-billion dollar technology and
 technology-driven sectors, such as nanotech, healthcare, alternative energy
 and software. For more information about Ener1 Group, Inc., visit
 http://www.ener1group.com , or call 954-202-4442.
     About ITOCHU
     ITOCHU Corporation is one of the largest companies in the world, with
 interests in almost every aspect of commerce and industry. The Tokyo, Japan-
 based corporation has annual revenue of more than $90 billion and 160 offices
 in more than 80 countries. It has been in business for 145 years, including
 85 years in the United States.
     Alys Daly

SOURCE Ener1 Group, Inc.