Press Release

EnerDel Plans to Invest $237 Million in New Indiana Lithium-Ion Battery Plant, Creating 1,400 New Clean Tech Jobs
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State and Local Economic Development Incentives Total $69.9 Million
INDIANAPOLIS, Jan 21, 2010 /PRNewswire via COMTEX/ -- Lithium-ion battery manufacturer EnerDel announced today it will invest $237 million in a new manufacturing plant near its Indianapolis headquarters in order to meet anticipated demand for advanced battery systems used in both automotive and stationary smart grid applications. Backed by a mix of private funds and public incentives, the new facilities will more than double EnerDel's U.S. production capacity and create 1,400 new jobs.

The announcement came during a special unveiling at the EnerDel facility of the new EnerDel powered C30 electric vehicle platform for Volvo Cars, the best selling platform within Volvo. The unveiling was to commemorate 18 months of collaboration between the two companies, with EnerDel and Volvo management outlining the C30's imminent path to commercialization to gathered media and investors. Indiana Governor Mitch Daniels joined EnerDel and Volvo executives for the event.

State and local economic development incentives are valued at $69.9 million, which comprises a state incentive package of $21.3 million and Hancock County package valued at $48.6 million. EnerDel has also applied for an additional $9 million from Federal Government development programs.

"Demand for high-performance lithium-ion battery systems is expanding dramatically, for vehicles of all sizes as well as the utility grid, and we are going to be fully prepared to meet it with a product stamped 'Made in America'," said Charles Gassenheimer, Chairman and CEO of EnerDel parent company Ener1, Inc. (Nasdaq: HEV).

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