Ener1 Group Completes Block Trade With Institutional Investors

Ener1 Group, Inc. announced that it sold 6.22 million shares of Ener1, Inc. common stock in a block trade with a group of institutional investors. Approximately $1.2 million of the $1.55 million proceeds will be invested in Ener1, Inc. as equity to accelerate the development of its hybrid electric vehicle (HEV) battery and fuel cell business plans.

Charles Gassenheimer, Ener1, Inc.’s Vice Chairman, said, "When combined with the $5.5 million raised in January, of which $4 million was invested as equity into in Ener1, Inc., this brings the capital raised to $7 million during 2007. As a critical component of our strategic goals, this transaction continues to increase the public float of Ener1, Inc., increase the liquidity of the common stock and facilitate greater exposure of our company."