FORT LAUDERDALE, Fla., Oct. 4 /PRNewswire-FirstCall/ -- Ener1, Inc.
(OTC Bulletin Board: ENEI) announced today that Ulrik Grape has joined its
EnerDel battery subsidiary as its Chief Executive Officer.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO )
EnerDel expects to immediately benefit from Mr. Grape's more than 18
years of relevant experience in senior management, business development,
manufacturing and finance. Previously, Mr. Grape spent 10 years with
Danionics A/S, an international lithium battery company headquartered in
Denmark, where he was Sales and Marketing Director and Vice President U.S. At
Danionics, he successfully secured major contracts for its lithium-ion
polymer rechargeable battery product line and developed strong customer
relationships with leading U.S. portable electronic product manufacturers.
Kevin Fitzgerald, Chief Executive Officer of Ener1, commented, "Ulrik's
appointment as EnerDel's CEO is excellent timing for us on two critical
counts. First, we believe that his track record in the lithium-ion battery
industry will provide EnerDel with invaluable competitive advantages that will
enable EnerDel to take the lead in technology and marketing for supplying the
U.S. hybrid electric vehicle (HEV) industry with next-generation battery power
sources. We are convinced that the success Ulrik demonstrated in his previous
battery industry posts will give EnerDel a clear insight and advantage in
serving the needs of the U.S. HEV marketplace. Secondly, Ulrik's prior
experience as a key member of a management team that successfully conducted an
initial public offering will be invaluable to EnerDel."
On September 6, 2005, Ener1 announced its proposed plan to spin-off the
common stock of EnerDel and the other operating subsidiaries in its
alternative energy business divisions, eventually making them stand-alone
companies, the spin-offs being subject to Ener1's ability to obtain any
necessary regulatory approvals and raise capital to fund the operations of the
new public companies.
Mr. Grape added, "I am gratified by the confidence Ener1 and its board of
directors has placed in my abilities to lead and position EnerDel in the
marketplace. We are now at a critical juncture in the history of EnerDel's
lithium-ion battery technology, manufacturing processes, and market
penetration. I believe that we are poised for tremendous growth. I look
forward to assembling a world-class management team that will get the job
done, taking EnerDel to the next level within the lithium-ion battery
Grape has also held senior executive positions in other competitive,
international industries, including the airline and construction equipment
industries. These include positions as Managing Director for Volund A/S, a
privately held Danish industrial group manufacturing mobile access platforms
and other structures and Associate at Trap & Kornum A/S, a mergers and
acquisition firm operating in the Scandinavian market. Mr. Grape earned a
Bachelor's degree in International Politics and Affairs from
Georgetown University and a Masters of Business Administration degree from
French business school INSEAD.
About Ener1, Inc.
Ener1, Inc (OTC Bulletin Board: ENEI) is an alternative energy technology
company. The company's interests include: 80.5% of EnerDel (www.enerdel.com),
a lithium battery company in which Delphi Corp. owns 19.5%; 49% of Enerstruct,
a Japanese lithium battery technology company in which Ener1's strategic
investor ITOCHU owns 51 %; wholly owned subsidiary EnerFuel, a fuel cell
testing and component company (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.
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, EnerDel's ability to succeed as a
supplier of batteries to the hybrid electric vehicle and other markets; the
ability of Ener1 to complete the proposed spin-off of its equity interests in
EnerDel, Inc., NanoEner, Inc. and EnerFuel, Inc., including securing financing
to adequately capitalize each company and obtaining required regulatory and
third-party approvals; successfully develop and market proposed lithium
battery, fuel cell and nanotechnology-based products and services; 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; 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 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: Michael Mason (investors) Alys Daly
Allen & Caron Inc Ener1, Inc.
212 691 8087 954 556 4020
SOURCE Ener1, Inc.