Ener1 Group Sponsors 2005 Ferrari North America 360 Challenge Series

Technology Investment Group Partners With Prestigious Race Series

FORT LAUDERDALE, Fla., June 2 -- Ener1 Group, a technology investment group with interests that range from fuel cell to video game development companies, today announced its sponsorship of the Ferrari 360 Challenge, Ferrari North America's premier race series comprised of six North American events, including a race that supports the Montreal Formula 1 Grand Prix.

The Ferrari Challenge Trofeo Pirelli has established itself as one of the most respected and professional Gentleman Racing series in the world of automobile competition. Drivers compete using the Ferrari 360 Challenge racing car, the third challenge model since this series was first started in Europe in 1993. Technical support at the racetrack is given by authorized Ferrari dealerships around the country to help ensure the highest standards of race preparation.

Marco Mattiacci, Vice President of Marketing for Ferrari North America, said, "Technology and exclusivity is at the center of our sport and people associate excellent technology with Ferrari race cars." He adds, "We are excited to bring on Ener1 Group as a sponsor of the Challenge Series in North America and believe the uniqueness of their company will add value to our exclusive group of sponsors."

Partnering with the Ferrari Challenge is Ener1 Group's largest motorsports marketing initiative to date. Ener1 Group sees many similarities between its company's core values and the Ferrari brand, including innovation, competitiveness and a steadfast commitment to excellence.

"We are excited to be associated with one of the most recognized brands in the world, one that has an extremely loyal following of Ferrari owner-drivers, spectators and corporate sponsors," said Mike Zoi, President of Ener1 Group.

He adds, "Ener1 Group believes in partnering with industry leaders worldwide to advance our corporate objectives and our Ferrari Challenge Series sponsorship is an extension of this corporate philosophy. We look forward to a strategic relationship with Ferrari that will benefit Ener1 Group and our portfolio of companies."

As part of the sponsorship, the Ener1 Group logo will appear on all Ferraris that participate in the North American series. The 2005 Challenge Series remaining events include Montreal, in support of the Formula One race in mid-June; Mt. Tremblant, Canada, in late June; Lime Rock Park, Connecticut, in July and Road America, Wisconsin, in August. The series culminates in October in Italy with Ferrari drivers from all over the world participating in a two-day race event.

About Ener1 Group, Inc.

Ener1 Group, a privately held, diversified technology company, invests in companies that develop unique and proprietary technologies and products that offer compelling market propositions to high growth sectors. The company's portfolio includes controlling interests in private and publicly traded companies in a range of technology sectors, including alternative energy, nanotechnology, video game development, visual communication software, image and video compression software and multi-sensor radar systems technologies. For more information about Ener1 Group, Inc., visit http://www.ener1group.com/ , and for details on the company's involvement in motorsports, visit http://www.ener1group.com/motorsports/index.html .

Ferrari North America Inc.

Ferrari North America Inc., located in Englewood Cliffs, New Jersey, is headed by Maurizio Parlato, President and CEO, now in his third year at the helm of Ferrari's largest market worldwide. Ferrari North America is the sole importer and distributor of Ferraris in North America and is responsible for all organization and operating requirements for the marque in the United States and Canada, including the technical training and spare parts service. Ferrari North America has a retail facility on the West Coast of the United States, Ferrari of San Francisco. http://www.ferrarichallenge.com/ http://www.ferrari.com/