Ener1 Reports Receipt of NASDAQ Notification Letter

Ener1 HEV today reported that it has received a letter from The NASDAQ Stock Market stating that it is not in compliance with Listing Rule 5250c1 because the Company did not timely file its Quarterly Report on Form 10-Q for the period ended June 30, 2011. The NASDAQ letter was issued in accordance with standard NASDAQ procedures due to the delayed filing, which the Company previously disclosed on Form 12b-25 filed with the Securities and Exchange Commission on August 9, 2011. The Company intends to file its Form 10-Q for the quarter ended June 30, 2011 with the Securities and Exchange Commission to regain compliance with NASDAQ Listing Rule 5250c1. In addition to filing the Form 10-Q, the Company intends to submit a plan to regain compliance to NASDAQ no later than October 17, 2011. No assurance can be given that NASDAQ will accept the company's compliance plan or grant an exception for the full 180-day period contemplated by the NASDAQ Listing Rules. Under the NASDAQ rules, the Company's common stock will continue to be listed on NASDAQ until October 17, 2011, and for any exception period that may be granted to the Company by NASDAQ. However, until the company regains compliance, quotation information for the Company's common stock will include an indicator of the Company's non-compliance and the Company will be included in a list of non-compliant companies on the NASDAQ website.