Senior executive brings 20 years of financial and operational experience to company FT. LAUDERDALE, Fla., Oct. 16 /PRNewswire-FirstCall/ -- Ener1 Inc., (OTC:ENEI) (BULLETIN BOARD: ENEI) announced today that it has named Ajit Habbu Chief Financial Officer. (Logo: http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO ) Mr. Habbu previously was Senior Vice President and Chief Financial Officer of Recall Corporation, a global document management business with annual revenue of over $500 million. "Ajit is an outstanding addition to our management team. His business and financial skills are complemented by a strong engineering background which is invaluable for the CFO of a high-technology company," stated Victor Mendes, Chief Executive Officer and Chairman of Ener1. "I had the pleasure of working closely with Ajit as my CFO at Recall, and I have great trust and confidence in his abilities." Mr. Mendes added, "Ajit is highly skilled at implementing the financial disciplines and operational infrastructure necessary to build a company into a market leader. I could not think of a better CFO for Ener1." Mr. Habbu began his career at IBM, where he held key executive positions during his 15-year tenure. He served as CFO of the company's Education Business Unit, a division with annual revenue of $1.5 billion. A native of India, Mr. Habbu holds a B.S. degree in Chemical Engineering from the Indian Institute of Technology, an M.S. degree in Systems and Industrial Engineering from the University of Iowa, and an M.B.A. with a concentration in Financial and International Business from the University of Chicago. "I am delighted to join the winning team Victor is assembling at Ener1," stated Mr. Habbu. "Having experienced for years the way he drives businesses, I have no doubt that under Victor's leadership the company will accelerate the commercialization of its products and begin to realize the market potential for its clean, renewable energy technologies." Gerard Herlihy, who has acted as CFO of Ener1 since January 2006, will continue on a full time basis as President and CFO of Splinex Technology Inc. (OTC:SPLX) (BULLETIN BOARD: SPLX) , an Ener1 Group company, after assisting Mr. Habbu during a brief transition period. About Ener1, Inc. Ener1, Inc. (OTC:ENEI) (BULLETIN BOARD: ENEI) is an alternative energy technology company. The company's interests include: EnerDel (http://www.enerdel.com/), a lithium battery company in which Delphi Corp. owns a minority interest; Enerstruct, a Japanese lithium battery technology company in which Ener1's strategic investor ITOCHU owns a significant interest; wholly owned subsidiary EnerFuel, a developer of fuel cells and related products (http://www.enerfuel.com/), and wholly owned subsidiary NanoEner, which develops nanotechnology-based materials and manufacturing processes for batteries and other applications (http://www.nanoener.com/). For more information, visit http://www.ener1.com/ or call 954-556-4020. Safe Harbor Statement This release contains forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995 conveying management's expectations as to the future based on plans, estimates and projections at the time the statements are made. The forward-looking statements contained in this press release involve risks and uncertainties, including, but not necessarily limited to: Ener1's ability to succeed as a supplier of batteries to the hybrid electric vehicle and other markets; Ener1's plans to reduce costs and gain a competitive advantage by consolidating manufacturing operations and implementing automated production processes; charges Ener1 will incur in connection with consolidating manufacturing operations; EnerFuel's ability to develop and sell products and services in its planned markets; the degree of competition in the markets for lithium battery, fuel cell and nanotechnology-based products and services, Ener1's history of operating losses, the lack of operating history for the development stage Ener1 businesses, the need for additional capital, the dependency upon key personnel and other risks detailed in Ener1's filings from time to time with the Securities and Exchange Commission. These risks and uncertainties could cause actual results or performance to differ materially from any future results or performance expressed or implied in the forward- looking statements included in this release. Ener1 undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. http://www.newscom.com/cgi-bin/prnh/20040825/FLW010LOGO http://photoarchive.ap.org/ DATASOURCE: Ener1, Inc. CONTACT: Alys Daly of Ener1, Inc., +1-305-815-0312, or Web site: http://www.ener1.com/ http://www.enerdel.com/ http://www.enerfuel.com/ http://www.nanoener.com/

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