Ener1 Inc. (Fort Lauderdale, FL), a developer of lithium batteries and fuel cells, named Hiroaki Murase, a project manager with ITOCHU Corp., as Vice President of Business Development. Murase has played key roles in expanding the relationship between Ener1 and ITOCHU in the areas of marketing, technology development and production. Murase will direct Ener1's worldwide marketing strategy and efforts in both lithium batteries and fuel cells.
In addition, Ener1 and ITOCHU have agreed to extend from July 25, 2004, to January 31, 2005, the expiration of the second tranche of ITOCHU's options to purchase Ener1 common stock, originally obtained when ITOCHU invested $3.5 million in Ener1 last July, and increased the exercise price for those options from $2.50 per share to $4.00 per share. The companies also announced that ITOCHU has exercised 1,500,000 options to purchase Ener1 common stock at $0.70 per share that were obtained along with ITOCHU's original investment in Ener1.
