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EnerDel Provides Market Update on Think Global Supply Agreement

April 04, 2008

INDIANAPOLIS – EnerDel, the advanced automotive battery systems division of alternative energy company Ener1, Inc., has made progress toward meeting the lithium-ion battery system deliverables schedule under a supply contract with Think Global. EnerDel has delivered the first mechanical prototype of the lithium-ion battery pack for the new TH!NK City vehicle for form and fit evaluation. The pack has been installed in a sample vehicle, which the Norwegian company delivered to EnerDel's Indianapolis facility last week.

Through the end of April, EnerDel will deliver additional functional prototype packs that will be tested at EnerDel, evaluated in the sample electric vehicle, and undergo third-party performance assessment. Before the end of the first half of the year, EnerDel expects to have its electric vehicle battery pack operating in the TH!NK City. EnerDel is providing a total systems solution for the battery pack, including cells, electronics, and vehicle integration.

"We have an aggressive time-to-market schedule for providing the lithium-ion battery solution for the world's leading electric vehicle," said EnerDel CEO Ulrik Grape. "The testing phase is now commencing and we are confident that we will provide production of the TH!NK City battery on schedule by the end of 2008."

EnerDel is increasing capacity for volume production of the lithium-ion battery system for Think, including tapping the company's close relationship with ITOCHU Corporation. As the global leader in the provision of automotive battery-making equipment, ITOCHU serves as a strategic partner of Ener1 for the development of manufacturing capacity. ITOCHU provided venture-round funding to Ener1 in 2003.

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