Ener1, Inc. (Ener1) is engaged in the business of designing, developing and manufacturing rechargeable lithium-ion batteries and battery systems for energy storage. Its end markets include transportation, stationary power (energy storage for utilities and renewable energy, such as wind and solar power in addition to battery backup systems for the home), military applications and small cell markets. In the transportation markets, the Company is developing systems to power the next generation of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and electric vehicles (EVs). The Company also conducts research on and develops fuel cells and nano coating processes. On October 24, 2008, the Company acquired an 83% interest in Enertech International, Inc. (Enertech). On January 6, 2009, Ener1 purchased an additional ownership interest in Enertech, there by increasing its ownership from 83% to 89%.