FORT LAUDERDALE, Fla., Dec. 28, 2006 (PRIME NEWSWIRE) -- Ener1, Inc. (OTCBB:ENEI) CEO Peter Novak and Vice Chairman Charles Gassenheimer today issued the following letter to Ener1 shareholders and interested members of the investment community.
Dear Shareholders:
As the year 2006 draws to a close, we would like to review Ener1, Inc.'s accomplishments over the past 12 months. It was a pivotal year for Ener1 in its effort to transform itself from a pure R&D company into a company with commercially viable products.
EnerDel, our lithium-ion battery company, continued to validate its technology. It has successfully achieved all USABC Phase I targets such as power, volume and cold cranking with only half the weight. This is compelling data which promises to bring significant benefit to our customers in terms of cost, safety, longevity and design flexibility. We have installed a production line at our facility capable of producing these electrodes for 5000 Hybrid Electric Vehicle (HEV) batteries per month. In parallel, we are working at NanoEner to develop new generation of electrodes capable of delivering high rate of discharge while reducing weight. We are well on our way to secure customer validation in 2007.
EnerFuel, our fuel cell company, has been making remarkable progress as well. During 2006, EnerFuel launched its first product, a fuel cell humidifier, into the market which positions EnerFuel as a branded supplier. In addition, EnerFuel established customer relationships with several fuel cell industry players (i.e., Cellex, Hydrogenics and IdaTech) and commenced execution on several government and public organization grant programs (i.e., American Science and Technology and the Florida Hydrogen Initiative). We are especially proud of EnerFuel's invention of a proprietary chemical hydride process, which produces hydrogen for fuel cells through chemical reactions. Our in-house testing has shown that our hydride is more efficient than what is available in the marketplace today.
In 2007, our focus will be on winning customer acceptance of our alternative energy product portfolio. Our founder and recently appointed CEO, Peter Novak with his knowledge of the business and technology, will provide clear focus and direction for the company. With solid progress on commercial side, we intend to improve our image within investor community and embark on an aggressive campaign to increase the investor community's awareness of our company and the great progress that we are making each and every day.
We look forward to a great 2007 and thank our investors, customers, employees and our community of vendors and suppliers for their faith and support during this last year.
Regards,
Peter Novak Charles Gassenheimer Chief Executive Officer Vice Chairman
About Ener1, Inc.
Ener1, Inc. (OTCBB:ENEI) is an alternative energy technology company. The company's interests include: 80.5% of EnerDel (www.enerdel.com), a lithium battery company in which Delphi Corp. owns 19.5%; 41% of Enerstruct, a Japanese lithium battery technology company in which Ener1's strategic investor ITOCHU owns 51%; wholly owned subsidiary EnerFuel, a fuel cell products and testing services company (www.enerfuel.com), and wholly owned subsidiary NanoEner, which develops nanotechnology-based materials and manufacturing processes for batteries and other applications (www.nanoener.com). For more information, visit http://www.ener1.com or call 954-556-4020.
Safe Harbor Statement (Ener1, Inc.)
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.