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. Contact: Alys Daly 954-202-4442
SOURCE Ener1 Group, Inc.