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                                  Exhibit 31.2

                      CHIEF FINANCIAL OFFICER CERTIFICATION

         I, Ronald Stewart,  Chief  Financial  Officer of Ener1,  Inc.,  certify
that:

         1.       I have reviewed this Quarterly Report on Form 10-QSB of Ener1,
                  Inc. (the "Registrant");

         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;

         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  registrant  as of, and for,
                  the periods presented in this report;

         4.       The  registrant's  other  certifying   officer(s)  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 registrant and have:

                  (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  registrant,   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;

                  (b)      Evaluated  the   effectiveness  of  the  registrant'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

                  (c)      Disclosed   in  this   report   any   change  in  the
                  registrant's  internal  control over financial  reporting that
                  occurred  during the  registrant's  most recent fiscal quarter
                  (the  registrant's  fourth  fiscal  quarter  in the case of an
                  annual report) that has materially affected,  or is reasonably
                  likely to materially affect, the registrant's internal control
                  over financial reporting; and

         5.       The  registrant's  other  certifying  officer(s)  and  I  have
                  disclosed,  based on our most  recent  evaluation  of internal
                  control over financial reporting,  to the registrant's auditor
                  and the audit committee of the registrant's board of directors
                  (or persons performing the equivalent functions):

                  (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
                  registrant's ability to record, process,  summarize and report
                  financial information; and

                  (b)      Any fraud,  whether or not  material,  that  involves
                  management or other  employees who have a significant  role in
                  the registrant's internal control over financial reporting.


Date: August 19, 2003                               /s/ Ronald Stewart
                                                    ----------------------------
                                                    Chief Financial Officer
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