Ener1's Vapor Deposition Nanotechnology Featured in Japan's Nikkei Electronics Magazine as Breakthrough for Energy Storage Devices New Process to Manufacture Nanomaterials Can Yield Electrodes With

High Discharge Rates and Low Production Cost

    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.

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