FORT LAUDERDALE, Fla., Dec. 6 /PRNewswire-FirstCall/ -- Ener1, Inc. (OTC Bulletin Board: ENEI) today announced it has named Pankaj Dhingra as President of its lithium battery, fuel cell and nanotechnology business group. In addition, Mr. Dhingra will be President of that group's EnerDel, Inc. subsidiary. Mr. Dhingra brings over 20 years of high-level management, operations and financial experience to these positions, most recently as Business Line Executive for Delphi's Energy Management Systems business. (Logo: http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO ) Mr. Dhingra's appointment is a key step in Ener1's current transition of its energy-related businesses (especially its lithium battery operations) from research and development to design, manufacturing and product sales. Mr. Dhingra's experience in senior management positions involving manufacturing is expected to help Ener1 complete this transition as part of its ongoing business plan. In addition to EnerDel (which Ener1 recently formed to combine its lithium battery assets with those of Delphi), Mr. Dhingra will be responsible for operations of Ener1's EnerFuel subsidiary, which is engaged in development, marketing and testing of fuel cell components and NanoEner, Inc., Ener1's nanotechnology materials and manufacturing subsidiary. Mr. Dhingra will report to Kevin Fitzgerald, Chairman and Chief Executive Officer of Ener1, Inc. Mr. Fitzgerald commented: "We are very happy to have someone of Mr. Dhingra's caliber join our organization. I believe that his combination of skill and experience in building businesses along with his cross-functional experience in senior management, finance, strategic planning, sales and marketing comes at an ideal time in our development. Mr. Dhingra's ability to manage operations for bottom-line performance and his ability to develop close working relationships with multinational corporations makes me very confident that we will accomplish our business plan. In particular, his experience in the lithium battery business with Delphi over the last several years should be invaluable to our EnerDel operations. We are gratified at the confidence in Ener1's business plan exemplified by Mr. Dhingra's decision to come to us from Delphi." Mr. Dhingra added, "I am excited about this opportunity to become a part of Ener1's senior management team. I share Ener1's vision for its future and plan to bring my experience and long term business relationships to bear in helping transition its energy-related businesses into the manufacturing and marketing phases." Mr. Dhingra has worked for Delphi and GM for twelve years in treasury, finance, strategic planning and business line management. During this time, he has focused on delivering revenue and profit growth through significant mergers and acquisition transactions, establishing joint ventures and manufacturing operations internationally and introduction of new technologies in the marketplace. Prior to joining GM, he spent eight years with Unisys Corporation. Mr. Dhingra has a B.S. in Electrical Engineering from India and an M.B.A. in Marketing and Finance from Columbia University. About Ener1, Inc. Ener1, Inc. (OTC Bulletin Board: ENEI) develops and markets new technologies and products for clean, efficient energy sources. Ener1 markets lithium batteries and battery packs through EnerDel, its majority-owned venture with Delphi Corp. Ener1 also develops and markets nanotechnology- based materials through its NanoEner, Inc. subsidiary and fuel cell components and testing services through its EnerFuel, Inc. subsidiary. Ener1's products have applications for markets that include power tools and industrial equipment, medical devices, hybrid vehicle propulsion and military communications. For more information on Ener1's products, please visit its Web site at http://www.ener1.com or call (954) 556-4020. Safe Harbor Statement (Ener1, Inc.) 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, the ability of Ener1 to successfully develop and market proposed lithium battery, fuel cell and nanotechnology-based products and services, 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, 2003, 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. Media Contact: Alys Daly 954-556-4020 or 305-815-0312 firstname.lastname@example.org
SOURCE Ener1, Inc.