Ener1 Forms Nanotechnology Subsidiary - News Item

Ener1, Inc., an emerging leader in the development of advanced lithium batteries and fuel cell technologies, today announced it has formed a new wholly owned subsidiary, NanoEner, Inc., which will develop new markets and applications for Ener1's proprietary technologies to manufacture nanomaterials. Dr. Yevgen Kalynushkin, an engineer, professor of material science and author of more than a dozen patents and 300 published papers, serves as Chief Technology Officer of the new company.

Ener1 currently uses its nanomaterials manufacturing technologies in the development of nanomaterials for lithium batteries and other high energy storage devices. Ener1's nanostructured electrodes enable batteries to have extremely high discharge rates and extended cycle life.

Kevin Fitzgerald, Chairman and Chief Executive Officer of Ener1, said the company is in a very strong position with a proven technology and that forming NanoEner will help Ener1 capitalize on the emerging nanotechnology market estimated to reach $1 trillion worldwide by 2015 (National Science Foundation).

"There is a strong demand for superior nanotechnology and nanomaterials in the marketplace today and in the future. We believe our process is a major innovation in electrode technology with the ability to greatly enhance the power capabilities of batteries," said Fitzgerald. "NanoEner will be dedicated to maximizing the applications for this technology beyond battery and fuel cell applications to other market segments that could benefit from the significant advantages, including cost-effective production efficiencies and enhancements in function, made possible by Ener1's nanotechnologies."

Ener1's patent-pending process is based on a vapour deposition solidification (VDS) method invented by Dr. Kalynushkin that utilizes thin- film technology to fabricate high-quality, inorganic nanostructures. The vacuum deposition nanotechnology maintains the advantages of the traditional vacuum technologies while offering superior efficiency and full-scale production capabilities. The process can be applied to a wide-range of structures, from raw materials and nano powders to ultrathin film coatings for displays and wires.

"The nanotechnology was developed for Ener1's high discharge battery and fuel cell business, but has the potential to offer significant advantages to other industries such as electronics, biotechnology and semiconductors," said Dr. Peter Novak, Chief Technology Officer of Ener1 Group, Inc. "We are very excited about the discoveries, breakthroughs and new applications NanoEner will develop and contribute to the world of nanoscience."

Posted 13th April 2004

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