Ener1 Plans to Spin Off Lithium Battery Business Unit.

Electric and Hybrid Vehicles Today, September, 2005

Ener1, Inc. recently announced that its board of directors has authorized a plan to spin off to company stockholders the common stock of its three primary alternative energy subsidiaries -- lithium battery business EnerDel, Inc., fuel cell business EnerFuel and nanomaterials business NanoEner, Inc.

According to Ener1, any spin-off of its subsidiaries is subject to the receipt of applicable regulatory and third-party approvals and adequate financing, which Ener1 may seek in the public or private equity or debt markets. If able to satisfy these conditions, the company anticipates that the board will declare a dividend to distribute the stock of the three operating subsidiaries within the next six months.

"Our three operations...are alike in that they all...

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