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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
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