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.
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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
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
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
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
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.
SOURCE Ener1, Inc.