Ener1 Secures $30M Commitment; Business Plan is Fully Funded Through 2009

NEW YORK, Dec. 16 /PRNewswire-FirstCall/ — Ener1, Inc. (Amex: HEV)
announced today that it has secured a commitment for a $30 million line of
credit from its principal investor, Ener1 Group, that fully funds the
company’s business plan through 2009. The terms for the line of credit are
being finalized and are anticipated to be disclosed later this week.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080312/CLW018LOGO )

Ener1 also confirms that it remains on schedule to deliver advanced
lithium-ion battery systems to Think electric vehicle maker in Oslo, Norway
for installation in Th!nk City vehicles for commercial sale scheduled to begin
at the end of Q1 2009. Think announced yesterday that the company is
extending its holiday shutdown period, while additional funding sources are
sought, and will resume production at the end of January. There has been no
change to Ener1’s existing purchase order for $34 million.

“We are secure in our funding through the coming year, which gives us the
ability to focus solely on execution on the business side, and deliver on our
consistent promise to create long-term shareholder value,” said Ener1 CEO and
Chairman Charles Gassenheimer. “The environment for automotive suppliers and
manufacturers has reached a nadir. However, demand to supply advanced battery
systems for the dozens of hybrid and electric vehicle programs already
committed to by the world’s automakers will remain healthy and robust.”

Safe Harbor Statement:

Certain statements made in this press release constitute forward-looking
statements that are based on management’s expectations, estimates, projections
and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,”
“scheduled,” “estimates” and variations of these words and similar expressions
are intended to identify forward-looking statements. Forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These statements are not
guarantees of future performance and involve certain risks and uncertainties,
which are difficult to predict. Therefore, actual future results and trends
may differ materially from what is forecast in forward-looking statements due
to a variety of factors. All forward-looking statements speak only as of the
date of this press release and the company does not undertake any obligation
to update or publicly release any revisions to forward-looking statements to
reflect events, circumstances or changes in expectations after the date of
this press release.

About Ener1, Inc.:

Ener1 develops and manufactures compact, high performance lithium-ion
batteries to power the next generation of hybrid and electric vehicles. The
publicly traded company (Amex: HEV) is led by an experienced team of engineers
and energy system experts at its EnerDel subsidiary located in Indiana.
EnerDel has developed proprietary battery systems based on technology
originally pioneered with the assistance of the Argonne National Lab.

Ener1 is seeking to become the first company to mass-produce a
cost-competitive lithium-ion battery for hybrid and electric vehicles. Demand
for battery solutions is being driven by a need to reduce dependence on oil as
well as growing concern about vehicle emissions. In addition to the automobile
market, applications for Ener1 lithium-ion battery technology include medical,
military, aerospace, electric utility and other growing markets.

Major shareholders of Ener1 include Ener1 Group, Inc., a privately held,
global investment and advisory firm, and ITOCHU Corporation, a Japanese
trading company and distributor of manufacturing equipment essential to
lithium-ion battery production. ITOCHU has annual revenue of approximately $90
billion and offices in more than 80 countries. Ener1 has also received funding
from a growing number of institutional investors.

In addition to battery technology, Ener1 develops commercial fuel cell
products through its EnerFuel subsidiary and nanotechnology-based materials
and manufacturing processes for batteries and other applications through its
NanoEner subsidiary.

    Contacts:   INVESTOR RELATIONS
                   Rachel Carroll
                   VP Corporate Communications
                   P: 212 920 3500
                   E: rcarroll@ener1.com

                MEDIA RELATIONS
                   Jon Coifman
                   Waggener Edstrom Worldwide
                   P: 212 551 4815
                   E: jcoifman@waggeneredstrom.com

[Via http://www.prnewswire.com]

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