Lithium-Ion Battery Leader Ener1 Takes Stake in Electric Vehicle Maker Think Global

Lithium-Ion Battery Leader Ener1 Takes Stake in Electric Vehicle Maker Think
Global
Deal Includes Long-Term Supply Agreement and Strategic Collaboration on
Integrated Electric Drivetrain Systems

NEW YORK, Aug. 27 /PRNewswire-FirstCall/ -- Ener1, Inc. (Nasdaq: HEV) will
take the lead among a group of investors that plans to inject $47 million of
equity funding into Think Global AS, the Norwegian electric vehicle producer.
Ener1, Inc. is the parent company of EnerDel, a leading manufacturer of
advanced lithium-ion automotive battery systems based in Indianapolis and an
existing supplier to Think.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080312/CLW018LOGO )

Ener1, Inc. has agreed to invest approximately $18 million in three tranches,
and convert an additional $3.0 million in debt for convertible preferred
shares of Think, effectively transferring the 10% equity stake held by Ener1
Group to Ener1, Inc. Once all stages are complete, Ener1, Inc. will hold
approximately a 31-percent stake in the company. Other stakeholders in the
deal include Investinor, the Norwegian sovereign investment company.

"Automakers need made-to-order performance combined with the pricing and
availability of an off-the-shelf system," said Ener1 Chairman and CEO Charles
Gassenheimer. "Ener1 and Think have collaborated for years on systems
development, and today possess a unique ability to bring together
category-leading technologies in a fully integrated platform, to suit a wide
variety of vehicle applications."

EnerDel and Think have also agreed to enter into a new long-term battery
supply agreement as part of the transaction. EnerDel will receive certain
exclusivity rights for the supply of batteries for Think's current and
upcoming new vehicle models.

"Ener1 is very pleased to have the opportunity to lead this round of
investment in the manufacturer of the first road-ready electric vehicle on the
world market," added Ener1 Chairman and CEO Charles Gassenheimer. "As a key
battery supplier and now partner in the production and marketing of electric
drivetrain solutions for a range of next-generation vehicles, Ener1 looks
forward to a strong future relationship with this industry leader."

"This investment cements our partnership with one of the leading advanced
battery manufacturers in the world," said Think CEO Richard Canny. "In
addition to ensuring supply of high-performance battery systems, the new deal
will enable us to more fully capitalize on our advantage in the marketplace
with the only 'plug-and-play' electric vehicle drive system with prismatic
lithium-ion technology."

About Ener1, Inc.:
Ener1 develops and manufactures compact, high performance lithium-ion
batteries to power the next generation of hybrid, plug-in hybrid and pure
electric vehicles. The publicly traded company (NASDAQ: HEV) is led by an
experienced team of engineers and energy system experts at its EnerDel
subsidiary located in Indiana. In addition to the automobile market,
applications for Ener1 lithium-ion battery technology include the military,
grid storage and other growing markets.

Ener1 also develops commercial fuel cell products through its EnerFuel
subsidiary and nanotechnology-based materials and manufacturing processes for
batteries and other applications through its NanoEner subsidiary.

About Think:
Think is a pioneer in electric vehicles, and a leader in electric vehicle
technology, developed and proven over 19 years. It is one of the few
companies that has a 'ready-to-market' fully electric vehicle - the TH!NK
City. With its market-leading range, driveability and recyclability, the
TH!NK City is the first vehicle of its type to be granted pan-European
regulatory safety approval and CE certification.

Think is also a leader in electric drive-system technology, and was the first
to market a 'plug and play' mobility solution in the business-to-business
sector. With its Scandinavian origins and sustainability mindset, Think is
one of the most carbon efficient car companies in the world.

Safe Harbor Statement:
Certain statements made in this press release constitute forward-looking
statements that are based on management's expectations, estimates, projections
and assumptions. Words such as "expects," "anticipates," "plans," "believes,"
"scheduled," "estimates" and variations of these words and similar expressions
are intended to identify forward-looking statements. Forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These statements are not
guarantees of future performance and involve certain risks and uncertainties,
which are difficult to predict. Therefore, actual future results and trends
may differ materially from what is forecast in forward-looking statements due
to a variety of factors. All forward-looking statements speak only as of the
date of this press release and the company does not undertake any obligation
to update or publicly release any revisions to forward-looking statements to
reflect events, circumstances or changes in expectations after the date of
this press release.

CONTACTS: INVESTOR RELATIONS: MEDIA RELATIONS:
Rachel Carroll Haley Drage
VP Corporate Communications Waggener Edstrom Worldwide
P: 212 920-3500 P: 425 638-7438
E: rcarroll@ener1.com E: hdrage@waggeneredstrom.com

SOURCE Ener1, Inc.

INVESTOR RELATIONS: Rachel Carroll, VP Corporate Communications, Ener1,
+1-212-920-3500, rcarroll@ener1.com; MEDIA RELATIONS: Haley Drage, Waggener
Edstrom Worldwide, +1-425-638-7438, hdrage@waggeneredstrom.com