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 industry." 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 firstname.lastname@example.org email@example.com
SOURCE Ener1, Inc.