Ener1 Obtains $4.5 Million of Short-term Debt Financing

NEW YORK, Nov. 22, 2011 /PRNewswire/ -- Ener1, Inc. (OTC: HEVV) today announced that it has obtained $4.5 million of short-term debt financing from Bzinfin S.A., the company's largest shareholder and investment funds managed by Goldman Sachs Asset Management L.P. This additional liquidity should enable Ener1, and its subsidiaries, to continue operations while the company evaluates its options to reorganize its capital structure and implement business transformation efforts.

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"We are working to put the company on stable financial footing as we navigate current economic challenges and evolving market conditions," stated Alex Sorokin, interim CEO, Ener1, Inc.  "This additional liquidity should ensure that our operations continue as normal, while we evaluate our options to reorganize the company's capital structure."

For additional information about this debt financing, reference is made to Ener1's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 22, 2011.

About Ener1, Inc.

Ener1, Inc. is a publicly-traded (OTC: HEVV) energy storage technology company that develops compact, lithium-ion-powered energy storage solutions for applications in the electric utility, transportation and industrial electronics markets.  With manufacturing facilities in the U.S. and Korea, the company's energy storage solutions offer multiple chemistries, prismatic design, and modular stacking architecture.  For more information, visit Ener1's web site at www.ener1.com.

Safe Harbor Statement

Certain statements made in this press release constitute forward-looking statements that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. All forward-looking statements speak only as of the date of this press release and the company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

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SOURCE Ener1, Inc.