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Ener1 And Delphi Sign LOI To Form Lithium Battery Joint Venture

FORT LAUDERDALE, Fla., Aug. 25 /PRNewswire-FirstCall/ -- Ener1, Inc.
(OTC Bulletin Board: ENEI), and Delphi Corp. (NYSE: DPH), have entered into a
non-binding letter of intent to create a joint venture to leverage their
combined expertise in lithium batteries. Delphi and Ener1 will be negotiating
definitive agreements and conducting due diligence in the coming weeks.

Through the proposed joint venture, Delphi and Ener1 look to aggressively
pursue business opportunities in the military, automotive, power tool,
uninterrupted power supply, medical and personal mobility markets.

"Ener1 is an emerging leader in the development of advanced lithium
batteries," said Kevin Fitzgerald, Ener1's chairman and chief executive
officer. "The proposed venture would synergistically combine a unique set of
competitive advantages from Delphi and Ener1.

"The combination of Ener1's vapor deposition process and its
nanotechnology for production of high-rate, low-cost lithium batteries with
Delphi-developed high energy capacity technology would allow the venture to
have a key advantage in penetrating its target lithium battery markets,"
Fitzgerald said.

Delphi, a world leader in mobile electronics and transportation components
and systems technology with more than 10 years' experience in developing
lithium batteries, would contribute its expertise in design leadership, system
integration, manufacturing and battery cell packaging.

"We are confident this venture would make it possible to deliver better
and lower-cost lithium battery products to the marketplace," said Pankaj
Dhingra, Delphi's energy management systems' business line executive.

"The proposed venture," Dhingra said, "would greatly benefit from Delphi's
systems integration and manufacturing expertise to deliver fully integrated
and high-quality solutions to its customers. Both companies made great strides
in developing their respective lithium battery technologies, and this synergy
can help the venture succeed to meet expanding market opportunities.

"The new venture would benefit Delphi and Ener1, as well as customers of
the products that contain our collective new battery technologies."

"Ener1 has been working toward this type of defining opportunity,"
Fitzgerald said. "The proposed combination would open up new markets for us
and the means to reach them faster. We are happy to be working with one of the
premier manufacturing companies in the world and know their experience will
help us to succeed."

It is expected that the new venture would be majority owned and controlled
by Ener1 and managed by a team comprised of both Delphi and Ener1 executives.
Both parent companies would contribute their lithium battery assets,
intellectual property and technical resources into this venture.

The transaction is subject to negotiation of definitive agreements, due
diligence and necessary corporate and regulatory approvals, as well as certain
other closing conditions.

About Ener1, Inc.

Ener1, Inc. (OTC Bulletin Board: ENEI) develops and markets new
technologies and products for clean, efficient energy sources, including fuel
cell systems and components, high-energy lithium batteries and components, and
nanotechnology-based materials and manufacturing processes. Ener1's
technologies and products have applications for industrial, medical, consumer
and military markets. Potential applications include power tools and
industrial equipment, medical devices, hybrid vehicle propulsion and military
communications. For more information on Ener1's technologies and products,
visit its Web site at http://www.ener1.com.


About Delphi
For more information about Delphi and its operating subsidiaries, visit
httP://www.delphi.com/media.

SOURCE Ener1, Inc.
Web Site: http://www.ener1.com


This story has been adapted from a news release -
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