EnerDel Signs Letter of Intent to Supply Lithium-Ion Batteries to Fisker Automotive

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Indiana Senator Bayh to Cut Ribbon at EnerDel on First Mass Production Lithium-ion Battery Line in U.S.

INDIANAPOLIS, May 8, 2009 Batteries from EnerDel, the only U.S. lithium-ion car battery manufacturer with commercial-scale production capability, may power the Fisker Karma, scheduled to be the first plug-in hybrid electric vehicle (PHEV) to market in June 2010.

EnerDel and Fisker, the independent American carmaker developing a line of high-tech green vehicles for the global market, have signed a letter of intent for a potential long-term battery supply agreement. Results of reliability and performance testing will determine a final contract.

Fisker plans to build 15,000 vehicles per year and market them through an existing network of 32 U.S. retailers. A European retail network will be announced in September at the Frankfurt Motor Show in Germany.

Sen. Evan Bayh, a strong Washington supporter of electric-drive, will join EnerDel at the battery manufacturer's main production facility today at noon to inaugurate a major new installation - the first commercial-scale production line for automotive-grade lithium-ion batteries in the U.S. A Fisker Karma sedan will be on display during the event.

"We are excited to have the opportunity to team up with Fisker to deliver to market a superior automobile that will establish the benchmark for high-technology green cars," commented Charles Gassenheimer, chairman and CEO of EnerDel parent company Ener1, Inc. . "EnerDel battery packs for electric vehicles (EVs), hybrid electric vehicles (HEVs) and now plug-in hybrid electrics will help lead the revolution toward mass deployment of electric drive in the United States."

"Indiana, as the birthplace of the high-technology automotive components industry, is the right place to begin national mass production of this lynchpin technology for the future of electric drive in our country," comments Senator Evan Bayh (D-IN) who is officiating at the commissioning ceremony. "We expect that next-generation automotive alliances, such as the one contemplated by EnerDel and Fisker, will set the pace for a transformation in transportation that is inevitable and necessary for our nation's energy security and the preservation of the global environment."

About EnerDel:

EnerDel, a subsidiary of Ener1, Inc. , develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid, plug-in hybrid and pure electric vehicles. Led by an experienced team of engineers and energy system experts, the company is building proprietary innovations based on technology originally pioneered at the Argonne National Laboratory.

EnerDel produces its batteries at its state-of-the-art facilities in Indianapolis, Indiana, and is expecting to be the first company to mass-produce a cost-competitive lithium-ion battery for hybrid and electric vehicles. In addition to the automobile market, applications for EnerDel lithium-ion battery technology include medical, military, aerospace, electric utility and other growing markets.