Exhibit 31.2

CERTIFICATION

I, Randall Paulfus,
certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Ener1, Inc.;

| |  | 2. Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;
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| |  | 3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the small business issuer as of, and for, the
periods presented in this report;
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| |  | 4. The small business issuers other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:
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| | a) | Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the small business issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this
report is being prepared;
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| | b) | Evaluated the effectiveness of the small business issuers disclosure controls and
procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report
based on such evaluation; and
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| | c) | Disclosed in this report any change in the small business issuers internal control
over financial reporting that occurred during the small business issuers most recent
fiscal quarter (the small business issuers fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect,
the small business issuers internal control over financial reporting; and
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| |  | 5. The small business issuers other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the small
business issuers auditors and the audit committee of small business issuers
board of directors (or persons performing the equivalent functions):
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| | a) | All significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect
the small business issuers ability to record, process, summarize and report
financial information; and
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| | b) | Any fraud, whether or not material, that involves management or other employees who have a
significant role in the small business issuers internal control over financial
reporting.
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|Date: November 15, 2004 |  | BY: /S/ Randall Paulfus
Randall Paulfushief Financial Officer
                                                               (Principal Financial and
                                                               Accounting Officer and Duly
                                                               Authorized Officer)
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