Ener1 Receives $15 Million Equity Commitment

Ener1 Inc.’s controlling shareholder, Ener1 Group, has agreed to invest up to $15 million in Ener1 through the purchase of newly issued shares of common stock. The funds will be used for the continuing commercial development of Li-ion batteries for hybrid electric vehicles and the product launch of its fuel-cell-powered surveillance camera.

The Group’s obligation is conditioned upon Ener1’s achievement of specific milestones, including production of a minimum number of Li-ion HEV battery packs, the award of a customer-funded Li-ion battery development contract, the award of a Phase II contract from the U.S. Advanced Battery Consortium, and demonstration of EnerDel Li-ion battery technology in a vehicle.