SOURCE: Ener1, Inc.

February 16, 2007 11:31 ET

Ener1 Group Completes Block Trade With Institutional Investors

Proceeds Will Be Used Primarily to Accelerate the Development of Ener1, Inc.'s Hybrid Electric Vehicle (HEV) Battery and Fuel Cell Business Plans

FORT LAUDERDALE, FL -- (MARKET WIRE) -- February 16, 2007 -- Ener1 Group, Inc. (OTCBB: ENEI) announced that it sold 6.22 million shares of Ener1, Inc. common stock in a block trade with a group of institutional investors. Approximately $1.2 million of the $1.55 million proceeds will be invested in Ener1, Inc. as equity to accelerate the development of its hybrid electric vehicle (HEV) battery and fuel cell business plans.

Charles Gassenheimer, Ener1, Inc.'s Vice Chairman, said, "When combined with the $5.5 million raised in January, of which $4 million was invested as equity into in Ener1, Inc., this brings the capital raised to $7 million during 2007. As a critical component of our strategic goals, this transaction continues to increase the public float of Ener1, Inc., increase the liquidity of the common stock and facilitate greater exposure of our company."

About Ener1, Inc.

Ener1, Inc. (OTCBB: ENEI) is an alternative energy technology company that is developing 1) lithium ion batteries for hybrid electric vehicles (HEV) at its 80.5% owned EnerDel subsidiary and through corporate ventures and strategic partnerships with Delphi, ITOCHU and EnerStruct, 2) commercial fuel cell products through its EnerFuel subsidiary, and 3) nanotechnology-based materials and manufacturing processes for batteries and other applications at its NanoEner subsidiary. For more information, visit http://www.ener1.com or call 954-556-4020.

About Ener1 Group

Ener1 Group is a privately held global investment firm with offices in Ft. Lauderdale, Florida and New York City. The firm's assets include ownership in portfolio companies in a variety of technology and technology-driven industries, including ownership of approximately 85% of the outstanding common stock of Ener1, Inc. Ener1 Group's operations also include asset management and merchant banking divisions. For more information about Ener1 Group, Inc., visit www.ener1group.com, or call 954-556-4020.

Contact Information

  • For further details contact:
    Jerry Herlihy
    Ener1, Inc.
    T: (954) 556-4020
    e-mail: Email Contact

    For media inquiries:
    Victor Webb/Madlene Olson
    Marston Webb International
    T: (212) 684-6601
    e-mail: Email Contact