Ener1 Subsidiary Enerstruct Receives Funding From Japan SBIC JV with ITOCHU and EnerDel Technology Partner Gets Nod From Esteemed Japanese

VC Firm



    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
 North America.
 
     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
               michaelm@allencaron.com           adaly@ener1.com
 
 

SOURCE Ener1, Inc.

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