Ener1 to buy Giner Electrochemical

Jan. 12, 2005 — Ener1 Inc. (OTC.BB: ENEI), a Fort Lauderdale, Fla.-based developer of clean energy technologies, announced it has signed letters of intent to acquire Giner Electrochemical Systems LLC (GES), a privately held company located in Newton, Mass., that specializes in the development of fuel cell technologies and products.

GES has contributed to the development of many technologies and products for fuel cell power generation, including proton exchange membrane high-pressure electrolyzers for gas production, regenerative fuel cells, and direct methanol fuel cell stacks and systems.

GES is currently owned by Giner Inc. and General Motors Corp. GES will maintain its existing GM multi-year contracts and its research and development relationship with GM going forward, according to a news release.

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