FT. LAUDERDALE, Fla., Nov. 30 /PRNewswire-FirstCall/ -- Ener1, Inc.
(OTC Bulletin Board: ENEI) announced today that its subsidiary Enerstruct,
which is jointly held with ITOCHU Corporation, has received funding from SBIC
(Tokyo Small and Medium Business Investment & Consultation Co. Ltd), Japan's
oldest venture capital firm.
The funding will help further Enerstruct's ongoing research and
development of lithium battery production and battery production processes
that has been its focus since its founding in 2003.
"This funding, coming from such a respected and conservative venture
capital firm, underscores the strides that Enerstruct has made in a very short
time period," said Kevin Fitzgerald, CEO of Ener1.
He added, "Enerstruct's proprietary technologies and team of experienced
production engineers will continue to play an important role in helping us
advance the development of our lithium battery solutions for hybrid electric
vehicles and other markets."
EnerDel, Ener1's lithium battery subsidiary, is working closely with
Enerstruct to develop a new type of high-rate lithium battery for hybrid
electric vehicles. EnerDel plans to manufacture these batteries in the U.S.
using an automated production process, and expects to supply these batteries
to automotive companies that will produce HEVs (Hybrid Electric Vehicles) in
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 (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, 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 954 202 4442
SOURCE Ener1, Inc.