Ener1, Inc. Raises $29.7 Million of Equity Capital Through Warrant Exercise

FT. LAUDERDALE, Fla., May 20 /PRNewswire-FirstCall/ -- Ener1, Inc. (Amex:
HEV), an energy storage solutions company, today announced that it raised
$29.7 million through the recent exercise of common stock warrants at an
exercise price of $5.25 per share. The warrants were issued in November 2007
as part of an equity placement totaling $32 million. Holders of the warrants
received a total of 5.6 million shares of Ener1, Inc. common stock. Total
shares outstanding, post dilutive issuance now stands at 110 million. The
additional $29.7 million increases Ener1's cash position on its balance sheet
to approximately $42.5 million.
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"As anticipated, all of the institutional investors that participated in
the November 2007 financing exercised their warrants," said Charles
Gassenheimer, Chairman of Ener1, Inc. "The only investor that did not
exercise its warrants was a family trust that already has a substantial
investment in Ener1. We are pleased with the results of the November
financing round, and believe that this provides us the foundation for growth
and certainty, in an uncertain capital markets environment. Additionally, we
intend this to be the last form of private financing, and should any capital
need to be raised, it will be in the form of public financing. We also now
have access to a $7 million equipment lease facility that will help finance
our plant expansion in Indianapolis and increase our financial flexibility."
About Ener1, Inc.
Ener1, Inc. (Amex: HEV) is an energy storage solutions company that is
developing and commercializing advanced, high-performance safe lithium-ion
(Li-ion) batteries for hybrid electric vehicles (HEVs), plug-in HEVs (PHEVs)
and electric vehicles (EVs). Ener1 is also developing commercial fuel cell
products through its EnerFuel subsidiary and nanotechnology-based materials
and manufacturing processes for batteries and other applications through its
NanoEner subsidiary. For more information, visit http://www.ener1.com and
http://www.enerdel.com or call (212) 920-3500.
Contact:
Rachel Carroll
VP Corporate Communications
P: 212 920 3500*105
E: rcarroll@ener1.com

SOURCE Ener1, Inc.

Rachel Carroll, VP Corporate Communications of Ener1, Inc.,
+1-212-920-3500*105, rcarroll@ener1.com