TH!NK : TH!NK AND ENER1 LAUNCH NEW JOINT BUSINESS STREAM – ELECTRIC VEHICLE DRIVETRAIN SUPPLY

TH!NK AND ENER1 LAUNCH NEW JOINT BUSINESS STREAM - ELECTRIC VEHICLE DRIVETRAIN SUPPLY

FOR IMMEDIATE RELEASE

TH!NK AND ENER1 LAUNCH NEW JOINT BUSINESS STREAM - ELECTRIC VEHICLE DRIVETRAIN SUPPLY

TH!NK develops a fully integrated electric drive-train system ENER1 chosen to sole supply lithium-ion battery technology Japanese postal service signs up to take first batch of test platforms

New York, USA, 28 July 2009 - The first integrated electric vehicle (EV) drive-train of its kind has been developed by TH!NK (the pioneering Norwegian EV manufacturer), with EnerDel (the US-based lithium-ion battery subsidiary of NASDAQ listed ENER1) being the sole supplier of its industry-leading lithium-ion battery technology.

The drive-train is available for supply around the world thanks to its simple modular structure and easily transferable package.  The first major potential customer to come forward is the Japanese postal service - which is aiming to fully electrify its 22,000 strong fleet of delivery vehicles.

Japanese vehicle conversion specialist, Zero Sports, has been selected by Japan Post as conversion partners to the electrification project, who, via strategic partners ITOCHU, are using ENER1's lithium-ion battery technology together with TH!NK's electric drive-train system to start the conversion process of the postal service's sizeable fleet of delivery vehicles

Initially developed for the TH!NK City EV, this system is the first of its kind to provide off-the-shelf availability combined with bespoke performance in a wide variety of EV applications.  The system has been promoted to large vehicle manufacturers and fleet operators around the world, and the Japanese postal service is the first to agree to a comprehensive road test programme in the Kaganawa and Tokyo prefectures. The new technology drive-train being utilised for this programme unites TH!NK's industry-leading EV drive system with EnerDel's award winning lithium-ion battery technology. TH!NK and ENER1 began an active partnership in 2007 with ENER1's development of a 26 kWh battery system for the TH!NK City vehicle - the first pure electric vehicle of its kind to use this new generation technology. 

'The ability to deliver a fully integrated, road-ready package that can be quickly tailored to suit a wide range of vehicle solutions is a major step forward for both our companies,' said Ener1 Chairman and CEO Charles Gassenheimer. 

TH!NK CEO, Richard Canny added: 'We have seen increased interest in TH!NK's proprietary EV drive system from a variety of third parties, which represents a significant and exciting new business line and revenue opportunity for the company.' 

Asia has long pioneered the future of electric drive vehicles, and Japan in particular has been a global leader in advancing its adoption, with the government increasingly pushing to accelerate market and infrastructure development for electric drive vehicles.

Richard Canny concluded: 'We are honoured to be working on such a prestigious project, and excited to be exporting TH!NK's Norwegian-designed and built proprietary drive-train system in partnership with ENER1 and its US-designed and manufactured lithium-ion battery technology. This has become a truly global and pioneering enterprise - lead by Norway, the USA and now Japan as well.'

ENDS

About TH!NK: TH!NK was established in Norway in 1991 and designs, develops, manufactures and markets environmentally friendly vehicles and technologies designed to be smart, flexible and to deliver state-of-the-art and safe urban mobility solutions.  The TH!NK City is the company's latest generation EV, and offers a range of 180km per charge and a top speed of 100 km/h.

About Ener1, Inc.: Ener1 develops and manufactures compact, high performance lithium-ion batteries to power the next generation of hybrid, plug-in hybrid and pure electric vehicles. The publicly traded company (NASDAQ: HEV) is led by an experienced team of engineers and energy system experts at its EnerDel subsidiary located in Indiana.  In addition to the automobile market, applications for Ener1 lithium-ion battery technology include the military, grid storage and other growing markets.

Ener1 also develops commercial fuel cell products through its EnerFuel subsidiary and nanotechnology-based materials and manufacturing processes for batteries and other applications through its NanoEner subsidiary.

For a photograph of the Japan Post EV visit: http://tinyurl.com/meauur

For further information contact:

TH!NK:  James Andrew  T: +44 7772 534985  E: James.Andrew@think.no ENER1    Jon Coifman   +1 212 551 4815      jcoifman@waggeneredstrom.com

Get quotes for your new car

Compare quotes for a new car using our quick, free and no-obligation service.

Get the best prices for a new car. Stop trawling the web for the best prices for new cars - why waste time searching when you can use NewCarQuote to compare quotes for your new car.

Visit our new cars page for more information.