FORT LAUDERDALE, Fla., July 8 /PRNewswire-FirstCall/ -- Ener1, Inc., (OTC Bulletin Board: ENEI), an emerging leader in the development of advanced lithium batteries, fuel cells and nanotechnology, announced today that the results of an independent test of its nanostructured, lithium-ion electrodes have been published in the June 21, 2004 issue of Nikkei Electronics, a leading trade publication in Japan. The test, which was conducted by Associate Professor Nishina of Yamagata University in Yamagata, Japan, demonstrates that the electrodes produced using Ener1's vapor deposition nanotechnology can enable lithium-ion batteries to discharge at a rate of over 100C with a 76 percent capacity. Moreover, the data from the test shows that this new electrode technology can achieve a 300C discharge rate with 45 percent capacity. Ener1 and ENERSTRUCT, Inc., the joint venture company that is 49% owned by Ener1 and 51% by ITOCHU Corporation, a leading Japanese industrial company, developed the new lithium-ion electrode structure used in the test. Ener1's unique vapor deposition process controls the base material of electrodes at the nanolevel to produce an ideal electrode structure with "breakthrough" performance characteristics. Data published in Nikkei Electronics shows that the electrodes made by this process have discharge rates that are 20 times higher than current lithium-ion batteries (5C) and have very strong adhesion. The electrodes do not require any binder agents or additives, and therefore are extremely cost-effective to produce. The tests were conducted using an electrode that was 10 microns in thickness. Satoshi Kohara, Chief Executive Officer of ENERSTRUCT, told Nikkei Electronics that within one year ENERSTRUCT expects to attain the same 100C result with an electrode that is over 50 micron in thickness and more practical for battery applications. ENERSTRUCT has licensed Ener1's vapor deposition technology and has exclusive rights to market this technology in Japan. ENERSTRUCT is developing electrodes and will work in conjunction with automotive manufacturers and other companies to produce batteries for hybrid electric vehicles and other energy storage applications. "We are very pleased that the electronics industry in Japan recognizes this major innovation in electrode technology made possible by Ener1's vapor deposition process," said Kevin Fitzgerald, Chairman and CEO of Ener1, Inc. He added, "We intend to use our vapor deposition technology in our electrodes and fuel cells. The applications for this novel process extend beyond the energy sector, and we are actively pursuing relationships with companies in a range of industries who will also benefit from the competitive advantages made available by this nanotechnology." A translated English summary of the Nikkei Electronics article is available on Ener1's website (http://www.ener1.com). About Ener1, Inc. Ener1, Inc. (OTC Bulletin Board: ENEI) develops and markets new technologies and products for clean, efficient energy sources including high- energy lithium batteries and fuel cells. Ener1's technologies and products have applications for military, industrial and consumer markets, ranging from lightweight battery packs for military field use and high-end consumer applications to fuel cells and high-rate lithium-ion batteries for hybrid and electric vehicles. For more information, visit the company's 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, Ener1's ability to successfully develop and market its proposed products and services, the degree of competition in the market for Ener1's products and services, Ener1's history of operating losses, the lack of any operating history for Ener1's development stage battery and fuel cell business, the potential need for additional capital and Ener1's dependency upon key personnel. These and other risks are 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.