| FLORIDA                                                       | 59-2479377                          |
|---------------------------------------------------------------|-------------------------------------|
| (State or other jurisdictionof incorporation or organization) | (I.R.S. EmployerIdentification No.) |

| Large accelerated filer  ̈                                             | Accelerated filer R              |
|----------------------------------------------------------------------------|----------------------------------|
| Non-accelerated filer  ̈ (Do not check if a smaller reporting company) | Smaller reporting company  ̈ |

| Class                                   | Outstanding as of April 29, 2011 |
|-----------------------------------------|----------------------------------|
| Common Stock, par value $0.01 per share | 169,092,179                      |

----

|                           |                                                                                                                              | Page   |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|--------|
|                           |                                                                                                                              |   |
| PART I - FINANCIAL INFORMATION |                                                                                                                              |
|                           |                                                                                                                              |   |
| Item 1.                        | Consolidated Financial Statements (Unaudited)                                                                                     |   |
|                           |                                                                                                                              |   |
|                           | Consolidated Balance Sheets as of March 31, 2011 and December 31, 2010                                                            | 2      |
|                           |                                                                                                                              |   |
|                           | Consolidated Statements of Operations for the three months ended March 31, 2011 and 2010                                          | 3      |
|                           |                                                                                                                              |   |
|                           | Consolidated Statements of Stockholders’ Equity and Comprehensive Income for the three months ended March 31, 2011 and 2010 | 4      |
|                           |                                                                                                                              |   |
|                           | Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010                                          | 5      |
|                           |                                                                                                                              |   |
|                           | Notes to Unaudited Consolidated Financial Statements                                                                              | 6      |
|                           |                                                                                                                              |   |
| Item 2.                        | Management's Discussion and Analysis of Financial Condition and Results of Operations                                             | 32     |
|                           |                                                                                                                              |   |
| Item 3.                        | Quantitative and Qualitative Disclosures About Market Risk                                                                        | 42     |
|                           |                                                                                                                              |   |
| Item 4.                        | Controls and Procedures                                                                                                           | 42     |
|                           |                                                                                                                              |   |
| PART II - OTHER INFORMATION    |                                                                                                                              |
|                           |                                                                                                                              |   |
| Item 1.                        | Legal Proceedings                                                                                                                 | 43     |
|                           |                                                                                                                              |   |
| Item 1A.                       | Risk Factors                                                                                                                      | 43     |
|                           |                                                                                                                              |   |
| Item 6.                        | Exhibits                                                                                                                          | 44     |
|                           |                                                                                                                              |   |
| Signatures                     |                                                                                                                              | 45     |

----

|                                                                                                             |   | March 31, |     |   | December 31, |   |
|------------------------------------------------------------------------------------------------------------------|--------|-----------|----------|--------|--------------|--------|
|                                                                                                             |   | 2011      |     |   | 2010         |   |
| ASSETS                                                                                                           |   |      |     |   |         |   |
| Current assets                                                                                                   |   |      |     |   |         |   |
| Cash and cash equivalents                                                                                        |   | $         | 19,403   |   |         | $      | 60,310 |   |
| Restricted cash                                                                                                  |   |      | 11,678   |   |         |   | 10,961 |   |
| Accounts receivable, net of allowance of $477 and $444                                                           |   |      | 29,423   |   |         |   | 23,882 |   |
| Grant proceeds receivable                                                                                        |   |      | 936      |   |         |   | 2,038 |   |
| Loans receivable                                                                                                 |   |      | 18,179   |   |         |   | 14,048 |   |
| Inventories, net of provision for obsolescence of $1,105 and $932                                                |   |      | 27,344   |   |         |   | 23,612 |   |
| Contracts in process                                                                                             |   |      | 19,705   |   |         |   | 11,250 |   |
| Prepaid expenses and other current assets                                                                        |   |      | 10,719   |   |         |   | 1,328 |   |
| Total current assets                                                                                             |   |      | 137,387  |   |         |   | 147,429 |   |
|                                                                                                             |   |      |     |   |         |   |   |   |
| Deferred financing costs, net of amortization of $570 and $3,212                                                 |   |      | 2,297    |   |         |   | 2,867 |   |
| Property and equipment, net of accumulated depreciation of $18,292 and $15,589                                   |   |      | 125,626  |   |         |   | 123,503 |   |
| Intangible assets, net of accumulated amortization of $5,333 and $4,868                                          |   |      | 10,751   |   |         |   | 11,153 |   |
| Investment in unconsolidated entity                                                                              |   |      | -        |   |         |   | 58,625 |   |
| Goodwill                                                                                                         |   |      | 52,807   |   |         |   | 51,845 |   |
| Other                                                                                                            |   |      | 1,199    |   |         |   | 1,122 |   |
| Total assets                                                                                                     |   | $         | 330,067  |   |         | $      | 396,544 |   |
|                                                                                                             |   |      |     |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                             |   |      |     |   |         |   |   |   |
| Current liabilities                                                                                              |   |      |     |   |         |   |   |   |
| Accounts payable and accrued expenses                                                                            |   | $         | 34,360   |   |         | $      | 41,925 |   |
| Deferred grant proceeds, current portion                                                                         |   |      | 690      |   |         |   | 552 |   |
| Income taxes payable                                                                                             |   |      | 179      |   |         |   | 337 |   |
| Current portion of capital leases and other debt obligations                                                     |   |      | 47,061   |   |         |   | 41,775 |   |
| Total current liabilities                                                                                        |   |      | 82,290   |   |         |   | 84,589 |   |
|                                                                                                             |   |      |     |   |         |   |   |   |
| Deferred grant proceeds, less current portion                                                                    |   |      | 32,157   |   |         |   | 31,169 |   |
| Derivative and financial instruments                                                                             |   |      | 25,054   |   |         |   | 15,453 |   |
| Long-term debt                                                                                                   |   |      | 48,928   |   |         |   | 55,992 |   |
| Other long-term liabilities                                                                                      |   |      | 2,611    |   |         |   | 2,049 |   |
| Deferred income tax liabilities                                                                                  |   |      | 207      |   |         |   | 216 |   |
| Total liabilities                                                                                                |   |      | 191,247  |   |         |   | 189,468 |   |
|                                                                                                             |   |      |     |   |         |   |   |   |
| Commitments and contingencies                                                                                    |   |      |     |   |         |   |   |   |
|                                                                                                             |   |      |     |   |         |   |   |   |
| Stockholders' equity                                                                                             |   |      |     |   |         |   |   |   |
| Common stock, $0.01 par value, 300,000,000 shares authorized, 168,397,444 and 163,769,700 issued and outstanding |   |      | 1,685    |   |         |   | 1,639 |   |
| Paid in capital                                                                                                  |   |      | 622,365  |   |         |   | 607,745 |   |
| Accumulated other comprehensive income                                                                           |   |      | 7,967    |   |         |   | 6,231 |   |
| Accumulated deficit                                                                                              |   |      | (495,024 | )      |         |   | (410,306 | ) |
| Total Ener1, Inc. stockholders' equity                                                                           |   |      | 136,993  |   |         |   | 205,309 |   |
| Noncontrolling interests                                                                                         |   |      | 1,827    |   |         |   | 1,767 |   |
| Total stockholders' equity                                                                                       |   |      | 138,820  |   |         |   | 207,076 |   |
| Total liabilities and stockholders' equity                                                                       |   | $         | 330,067  |   |         | $      | 396,544 |   |

----

|                                                       |   | Three Months Ended |    |
|------------------------------------------------------------|--------|--------------------|---------|
|                                                       |   | March 31,          |    |
|                                                       |   | 2011               |    |   | 2010 |   |
| Net sales                                                  |   | $                  | 23,084  |   |   | $ | 10,975 |   |
| Cost of sales                                              |   |               | 17,619  |   |   |   | 9,828 |   |
| Gross profit                                               |   |               | 5,465   |   |   |   | 1,147 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Operating expenses:                                        |   |               |    |   |   |   |   |   |
| General and administrative                                 |   |               | 8,014   |   |   |   | 5,229 |   |
| Research and development, net                              |   |               | 8,536   |   |   |   | 9,866 |   |
| Grant proceeds recognized                                  |   |               | (173    | ) |   |   | (28 | ) |
| Depreciation and amortization                              |   |               | 1,565   |   |   |   | 1,349 |   |
| Impairment loss                                            |   |               | 59,433  |   |   |   | - |   |
| Total operating expenses                                   |   |               | 77,375  |   |   |   | 16,416 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Loss from operations                                       |   |               | (71,910 | ) |   |   | (15,269 | ) |
|                                                       |   |               |    |   |   |   |   |   |
| Other income (expense)                                     |   |               | (12,716 | ) |   |   | (178 | ) |
|                                                       |   |               |    |   |   |   |   |   |
| Loss before income taxes                                   |   |               | (84,626 | ) |   |   | (15,447 | ) |
| Income tax expense                                         |   |               | 82      |   |   |   | 16 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Net loss                                                   |   |               | (84,708 | ) |   |   | (15,463 | ) |
| Net income (loss) attributable to noncontrolling interests |   |               | 10      |   |   |   | (126 | ) |
|                                                       |   |               |    |   |   |   |   |   |
| Net loss attributable to Ener1, Inc.                       |   | $                  | (84,718 | ) |   | $ | (15,337 | ) |
|                                                       |   |               |    |   |   |   |   |   |
| Net loss per share attributable to Ener1, Inc.:            |   |               |    |   |   |   |   |   |
| Basic                                                      |   | $                  | (0.51   | ) |   | $ | (0.12 | ) |
|                                                       |   |               |    |   |   |   |   |   |
| Diluted                                                    |   | $                  | (0.51   | ) |   | $ | (0.13 | ) |
|                                                       |   |               |    |   |   |   |   |   |
| Weighted average shares outstanding                        |   |               |    |   |   |   |   |   |
| Basic                                                      |   |               | 165,203 |   |   |   | 124,904 |   |
|                                                       |   |               |    |   |   |   |   |   |
| Diluted                                                    |   |               | 165,203 |   |   |   | 124,968 |   |

----

|                                                                                |   | CommonStock |   |   | Paid inCapital |   |    | AccumulatedOtherComprehensiveIncome |   |   | AccumulatedDeficit |   |   | NoncontrollingInterests |     |   | TotalStockholders'Equity |   |
|-------------------------------------------------------------------------------------|--------|-------------|--------|--------|----------------|--------|---------|-------------------------------------|--------|--------|--------------------|--------|--------|-------------------------|----------|--------|--------------------------|--------|
| Balance at December 31, 2009                                                        |   | $           | 1,245  |   |           | $      | 451,592 |                                |   | $      | 4,860              |   |   | $                       | (341,505 | )      |                     | $      | 1,807 |   |   | $ | 117,999 |   |
|                                                                                |   |        |   |   |           |   |    |                                |   |   |               |   |   |                    |     |   |                     |   |   |   |   |   |   |   |
| Comprehensive loss:                                                                 |   |        |   |   |           |   |    |                                |   |   |               |   |   |                    |     |   |                     |   |   |   |   |   |   |   |
| Net loss                                                                            |   |        | -      |   |           |   | -       |                                |   |   | -                  |   |   |                    | (15,337  | )      |                     |   | ( 126 | ) |   |   | (15,463 | ) |
| Translation adjustment                                                              |   |        | -      |   |           |   | -       |                                |   |   | 1,549              |   |   |                    | -        |   |                     |   | 20 |   |   |   | 1,569 |   |
| Total comprehensive loss                                                            |   |        |   |   |           |   |    |                                |   |   |               |   |   |                    |     |   |                     |   | ( 106 | ) |   |   | (13,894 | ) |
| Shares sold for cash, net of costs                                                  |   |        | 10     |   |           |   | 4,382   |                                |   |   | -                  |   |   |                    | -        |   |                     |   | - |   |   |   | 4,392 |   |
| Stock option and warrant exercises                                                  |   |        | 1      |   |           |   | 38      |                                |   |   | -                  |   |   |                    | -        |   |                     |   | - |   |   |   | 39 |   |
| Reduction in derivative liability                                                   |   |        | -      |   |           |   | 297     |                                |   |   | -                  |   |   |                    | -        |   |                     |   | - |   |   |   | 297 |   |
| Warrants issued to related party as borrowing fees under a line of credit agreement |   |        | -      |   |           |   | 275     |                                |   |   | -                  |   |   |                    | -        |   |                     |   | - |   |   |   | 275 |   |
| Stock-based compensation expense                                                    |   |        | -      |   |           |   | 1,013   |                                |   |   | -                  |   |   |                    | -        |   |                     |   | - |   |   |   | 1,013 |   |
| Balance at March 31, 2010                                                           |   | $           | 1,256  |   |           | $      | 457,597 |                                |   | $      | 6,409              |   |   | $                       | (356,842 | )      |                     | $      | 1,701 |   |   | $ | 110,121 |   |

|                                      |   |   |   |   |    |   |    | Accumulated   |   |   |        |   |   |           |     |   |          |   |
|------------------------------------------------|--------|--------|--------|--------|---------|--------|---------|---------------|--------|--------|-------------|--------|--------|----------------|----------|--------|---------------|--------|
|                                           |   |   |   |   |    |   |    | Other         |   |   |        |   |   |           |     |   | Total         |   |
|                                           |   | Common |   |   | Paid in |   |    | Comprehensive |   |   | Accumulated |   |   | Noncontrolling |     |   | Stockholders' |   |
|                                           |   | Stock  |   |   | Capital |   |    | Income        |   |   | Deficit     |   |   | Interests      |     |   | Equity        |   |
|                                           |   |   |   |   |    |   |    |          |   |   |        |   |   |           |     |   |          |   |
| Balance at December 31, 2010                   |   | $      | 1,639  |   |    | $      | 607,745 |          |   | $      | 6,231       |   |   | $              | (410,306 | )      |          | $      | 1,767 |   |   | $ | 207,076 |   |
|                                           |   |   |   |   |    |   |    |          |   |   |        |   |   |           |     |   |          |   |   |   |   |   |   |   |
| Comprehensive loss:                            |   |   |   |   |    |   |    |          |   |   |        |   |   |           |     |   |          |   |   |   |   |   |   |   |
| Net loss                                       |   |   | -      |   |    |   | -       |          |   |   | -           |   |   |           | (84,718  | )      |          |   | 10 |   |   |   | (84,708 | ) |
| Translation adjustment                         |   |   | -      |   |    |   | -       |          |   |   | 1,736       |   |   |           | -        |   |          |   | 50 |   |   |   | 1,786 |   |
| Total comprehensive loss                       |   |   |   |   |    |   |    |          |   |   |        |   |   |           |     |   |          |   | 60 |   |   |   | (82,922 | ) |
| Shares sold for cash, net of costs             |   |   | 26     |   |    |   | 6,779   |          |   |   | -           |   |   |           | -        |   |          |   | - |   |   |   | 6,805 |   |
| Shares issued in advance for debt repayment    |   |   | 19     |   |    |   | 6,882   |          |   |   | -           |   |   |           | -        |   |          |   | - |   |   |   | 6,901 |   |
| Restricted stock, option and warrant exercises |   |   | 1      |   |    |   | 184     |          |   |   | -           |   |   |           | -        |   |          |   | - |   |   |   | 185 |   |
| Stock-based compensation expense               |   |   | -      |   |    |   | 775     |          |   |   | -           |   |   |           | -        |   |          |   | - |   |   |   | 775 |   |
| Balance at March 31, 2011                      |   | $      | 1,685  |   |    | $      | 622,365 |          |   | $      | 7,967       |   |   | $              | (495,024 | )      |          | $      | 1,827 |   |   | $ | 138,820 |   |

----

|                                                                     |   | Three Months Ended |    |
|--------------------------------------------------------------------------|--------|--------------------|---------|
|                                                                     |   | March 31,          |    |
|                                                                     |   | 2011               |    |   | 2010 |   |
|                                                                     |   |               |    |   |   |   |
| Operating activities:                                                    |   |               |    |   |   |   |
| Net loss                                                                 |   | $                  | (84,708 | ) |   | $ | (15,463 | ) |
| Adjustments to reconcile net loss to cash used in operating activities:  |   |               |    |   |   |   |   |   |
| Loss (gain) on derivative and financial instruments                      |   |               | 8,793   |   |   |   | (1,525 | ) |
| Accretion of discounts on debt                                           |   |               | 2,379   |   |   |   | 850 |   |
| Interest expense related to financing costs                              |   |               | 2,277   |   |   |   | 536 |   |
| Depreciation and amortization                                            |   |               | 2,847   |   |   |   | 2,167 |   |
| Grant proceeds recognized                                                |   |               | (173    | ) |   |   | (28 | ) |
| Impairment loss                                                          |   |               | 59,433  |   |   |   | - |   |
| Stock-based compensation expense                                         |   |               | 775     |   |   |   | 1,013 |   |
| Other non-cash changes                                                   |   |               | 329     |   |   |   | 863 |   |
| Changes in certain operating assets and liabilities:                     |   |               |    |   |   |   |   |   |
| Accounts receivable                                                      |   |               | (3,918  | ) |   |   | (2,004 | ) |
| Grant receivable related to operating expenses                           |   |               | 1,101   |   |   |   | (306 | ) |
| Inventory                                                                |   |               | (3,412  | ) |   |   | (5,401 | ) |
| Contracts in process                                                     |   |               | (9,502  | ) |   |   | - |   |
| Accounts payable and accrued expenses                                    |   |               | (8,136  | ) |   |   | 11,608 |   |
| Changes in current assets, liabilities and other, net                    |   |               | (2,376  | ) |   |   | (1,203 | ) |
| Net cash used in operating activities                                    |   |               | (34,291 | ) |   |   | (8,893 | ) |
|                                                                     |   |               |    |   |   |   |   |   |
| Investing activities:                                                    |   |               |    |   |   |   |   |   |
| Capital expenditures and equipment deposits                              |   |               | (3,593  | ) |   |   | (16,155 | ) |
| Grant proceeds received related to capital expenditures                  |   |               | 1,298   |   |   |   | 6,469 |   |
| Investment in unconsolidated entity                                      |   |               | -       |   |   |   | (5,752 | ) |
| Loans and advances to unconsolidated entity                              |   |               | (3,800  | ) |   |   | - |   |
| Restricted cash                                                          |   |               | (579    | ) |   |   | (747 | ) |
| Other                                                                    |   |               | 7       |   |   |   | 36 |   |
| Net cash used in investing activities                                    |   |               | (6,667  | ) |   |   | (16,149 | ) |
|                                                                     |   |               |    |   |   |   |   |   |
| Financing activities:                                                    |   |               |    |   |   |   |   |   |
| Proceeds from sale of stock, net                                         |   |               | 6,805   |   |   |   | 4,392 |   |
| Proceeds from credit facility and bank loans                             |   |               | 1,590   |   |   |   | 10,573 |   |
| Proceeds from related party borrowings                                   |   |               | -       |   |   |   | 5,000 |   |
| Repayment of senior unsecured notes                                      |   |               | (6,967  | ) |   |   | - |   |
| Repayment of credit facility, bank loans and capital leases              |   |               | (1,206  | ) |   |   | (1,621 | ) |
| Other                                                                    |   |               | 185     |   |   |   | 39 |   |
| Net cash provided by financing activities                                |   |               | 407     |   |   |   | 18,383 |   |
|                                                                     |   |               |    |   |   |   |   |   |
| Effect of exchange rates on cash and cash equivalents                    |   |               | (356    | ) |   |   | (9 | ) |
| Net decrease in cash and cash equivalents                                |   |               | (40,907 | ) |   |   | (6,668 | ) |
| Cash and cash equivalents - beginning balance                            |   |               | 60,310  |   |   |   | 14,314 |   |
| Cash and cash equivalents - ending balance                               |   | $                  | 19,403  |   |   | $ | 7,646 |   |
|                                                                     |   |               |    |   |   |   |   |   |
| Supplemental Disclosure of Non-cash Investing and Financing Activities:  |   |               |    |   |   |   |   |   |
|                                                                     |   |               |    |   |   |   |   |   |
| Non-cash investing and financing activities:                             |   |               |    |   |   |   |   |   |
| Shares issued for advance payment on senior unsecured notes              |   | $                  | 6,901   |   |   |   | - |   |
| Put option issued in connection with investment in unconsolidated entity |   |               | 809     |   |   |   | - |   |
| Warrants issued in connection with short term borrowings                 |   |               | -       |   |   |   | 2,166 |   |
| Warrants issued in connection with related party debt                    |   |               | -       |   |   |   | 275 |   |
| Reduction in derivative and financial instruments                        |   |               | -       |   |   |   | 297 |   |
| Borrowings pursuant to capital leases and equipment purchases            |   |               | -       |   |   |   | 422 |   |

----

----

----

----

|                             |   | March 31, |   |   | December 31, |   |
|----------------------------------|--------|-----------|--------|--------|--------------|--------|
|                             |   | 2011      |   |   | 2010         |   |
|                             |   |      |   |   |         |   |
| Raw materials and supplies       |   | $         | 13,050 |   |         | $      | 12,108 |   |
| Work in process                  |   |      | 8,294  |   |         |   | 7,085 |   |
| Finished goods                   |   |      | 7,105  |   |         |   | 5,351 |   |
|                             |   |      | 28,449 |   |         |   | 24,544 |   |
| less: provision for obsolescence |   |      | (1,105 | )      |         |   | (932 | ) |
|                             |   | $         | 27,344 |   |         | $      | 23,612 |   |

|                                  |   | March 31, |    |   | December 31, |   |
|---------------------------------------|--------|-----------|---------|--------|--------------|--------|
|                                  |   | 2011      |    |   | 2010         |   |
|                                  |   |      |    |   |         |   |
| Land                                  |   | $         | 2,185   |   |         | $      | 2,134 |   |
| Building and building improvements    |   |      | 5,951   |   |         |   | 5,818 |   |
| Machinery and equipment               |   |      | 53,386  |   |         |   | 49,815 |   |
| Office equipment, furniture and other |   |      | 5,184   |   |         |   | 4,463 |   |
| Leasehold improvements                |   |      | 14,977  |   |         |   | 14,934 |   |
| Equipment deposits                    |   |      | 6,875   |   |         |   | 7,238 |   |
| Construction in progress              |   |      | 55,360  |   |         |   | 54,690 |   |
|                                  |   |      | 143,918 |   |         |   | 139,092 |   |
| less: accumulated depreciation        |   |      | (18,292 | )      |         |   | (15,589 | ) |
|                                  |   | $         | 125,626 |   |         | $      | 123,503 |   |

----

|                           |   | Useful     |   |   | As of March 31, 2011 |   |   | As of December 31, 2010 |   |
|-------------------------------------|--------|------------|--------|--------|----------------------|--------|--------|-------------------------|--------|
|                                |   | life       |   |   | Carrying             |   |   | Accumulated             |   |   |   |   |   | Carrying |   |   | Accumulated |   |   |   |   |
|                                |   | (in yrs)   |   |   | Amount               |   |   | Amortization            |   |   | Net |   |   | Amount |   |   | Amortization |   |   | Net |   |
|                                |   |       |   |   |                 |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Patented and unpatented technology  |   | 10         |   |   | $                    | 13,910 |   |                    | $      | (3,662 | ) |   | $ | 10,248 |   |   | $ | 13,908 |   |   | $ | (3,315 | ) |   | $ | 10,593 |   |
| Electric vehicle battery technology |   | 4.2        |   |   |                 | 1,199  |   |                    |   | (696 | ) |   |   | 503 |   |   |   | 1,166 |   |   |   | (606 | ) |   |   | 560 |   |
| Customer relationships              |   | 2.2        |   |   |                 | 975    |   |                    |   | (975 | ) |   |   | - |   |   |   | 947 |   |   |   | (947 | ) |   |   | - |   |
|                                |   |       |   |   | $                    | 16,084 |   |                    | $      | (5,333 | ) |   | $ | 10,751 |   |   | $ | 16,021 |   |   | $ | (4,868 | ) |   | $ | 11,153 |   |
|                                |   |       |   |   |                 |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill                            |   | Indefinite |   |   | $                    | 52,807 |   |                    | $      | - |   |   | $ | 52,807 |   |   | $ | 51,845 |   |   | $ | - |   |   | $ | 51,845 |   |

| Year Ended December 31, |   |   |   |
|-------------------------|--------|--------|--------|
|                    |   |   |   |
| 2011                    |   | $      | 1,639  |   |
| 2012                    |   |   | 1,588  |   |
| 2013                    |   |   | 1,362  |   |
| 2014                    |   |   | 1,362  |   |
| 2015                    |   |   | 1,362  |   |
| Thereafter              |   |   | 3,438  |   |
|                    |   |   |   |   |
|                    |   | $      | 10,751 |   |

----

|                              |   | March 31, |   |   | December 31, |   |
|-----------------------------------|--------|-----------|--------|--------|--------------|--------|
|                              |   | 2011      |   |   | 2010         |   |
|                              |   |      |   |   |         |   |
| Accounts payable                  |   | $         | 19,496 |   |         | $      | 27,616 |   |
| Accrued other                     |   |      | 4,229  |   |         |   | 6,027 |   |
| Accrued financing fee             |   |      | 5,920  |   |         |   | 4,504 |   |
| Accrued compensation and benefits |   |      | 3,436  |   |         |   | 2,921 |   |
| Customer advances                 |   |      | 916    |   |         |   | 617 |   |
| Product warranty reserves         |   |      | 363    |   |         |   | 240 |   |
|                              |   | $         | 34,360 |   |         | $      | 41,925 |   |

|                         |   | March 31, |   |   | December 31, |   |
|------------------------------|--------|-----------|--------|--------|--------------|--------|
|                         |   | 2011      |   |   | 2010         |   |
|                         |   |      |   |   |         |   |
| Balance, beginning of period |   | $         | 894    |   |         | $      | - |   |
| Provision for new warranties |   |      | 306    |   |         |   | 894 |   |
| Balance, end of period       |   |      | 1,200  |   |         |   | 894 |   |
| less: current portion        |   |      | (363   | )      |         |   | (240 | ) |
| Long term portion            |   | $         | 837    |   |         | $      | 654 |   |

----

|                                                  |   | Three Months Ended |    |
|-------------------------------------------------------|--------|--------------------|---------|
|                                                  |   | March 31,          |    |
|                                                  |   | 2011               |    |   | 2010 |   |
|                                                  |   |               |    |   |   |   |
| Net loss for basic loss per share                     |   | $                  | (84,718 | ) |   | $ | (15,337 | ) |
| Adjustment for gain on certain derivative instruments |   |               | -       |   |   |   | (1,521 | ) |
| Net loss for diluted loss per share                   |   | $                  | (84,718 | ) |   | $ | (16,858 | ) |
|                                                  |   |               |    |   |   |   |   |   |
| Weighted average number of common shares outstanding: |   |               |    |   |   |   |   |   |
| Basic                                                 |   |               | 165,203 |   |   |   | 124,904 |   |
| Effect of dilutive securities:                        |   |               |    |   |   |   |   |   |
| Certain warrants                                      |   |               | -       |   |   |   | 64 |   |
| Diluted                                               |   |               | 165,203 |   |   |   | 124,968 |   |
|                                                  |   |               |    |   |   |   |   |   |
| Net loss per share attributable to Ener1, Inc.:       |   |               |    |   |   |   |   |   |
| Basic                                                 |   | $                  | (0.51   | ) |   | $ | (0.12 | ) |
| Diluted                                               |   | $                  | (0.51   | ) |   | $ | (0.13 | ) |

|                           |   | Three Months Ended |    |
|--------------------------------|--------|--------------------|---------|
|                           |   | March 31,          |    |
|                           |   | 2011               |    |   | 2010 |   |
|                           |   |               |    |   |   |   |
| Other income (expense):        |   |               |    |   |   |   |
| Interest expense               |   | $                  | (3,972  | ) |   | $ | (2,002 | ) |
| Interest income                |   |               | 376     |   |   |   | 35 |   |
| Gain on derivative instruments |   |               | 5,148   |   |   |   | 1,525 |   |
| Loss on financial instruments  |   |               | (13,941 | ) |   |   | - |   |
| Foreign currency loss          |   |               | (367    | ) |   |   | (50 | ) |
| Other                          |   |               | 40      |   |   |   | 314 |   |
| Total other income (expense)   |   | $                  | (12,716 | ) |   | $ | (178 | ) |

----

|                                           |   | March 31, 2011 |   |   | December 31, 2010 |   |
|------------------------------------------------|--------|----------------|--------|--------|-------------------|--------|
|                                           |   | Current        |   |   | Long-Term         |   |   | Current |   |   | Long-Term |   |
|                                           |   |           |   |   |              |   |   |   |   |   |   |   |
| 8.25% Senior Unsecured Notes due March 2013    |   | $              | 17,069 |   |              | $      | 24,980 |   |   | $ | 17,001 |   |   | $ | 29,391 |   |
| 8.25% Senior Unsecured Notes due July 2013     |   |           | 7,689  |   |              |   | 13,394 |   |   |   | 4,469 |   |   |   | 15,342 |   |
| 6.00% Senior Convertible Notes due August 2015 |   |           | 55     |   |              |   | 10,000 |   |   |   | 192 |   |   |   | 10,000 |   |
| 8.50% Convertible Bonds due January 2013       |   |           | -      |   |              |   | 444 |   |   |   | - |   |   |   | 430 |   |
| Bank loans and other financing                 |   |           | 19,946 |   |              |   | - |   |   |   | 17,635 |   |   |   | - |   |
| Capital lease obligations                      |   |           | 2,302  |   |              |   | 110 |   |   |   | 2,478 |   |   |   | 829 |   |
|                                           |   | $              | 47,061 |   |              | $      | 48,928 |   |   | $ | 41,775 |   |   | $ | 55,992 |   |

----

|                              |   | PurchaseAgreement I |    |   | PurchaseAgreement II |   |   | Totals |   |
|-----------------------------------|--------|---------------------|---------|--------|----------------------|--------|--------|--------|--------|
|                              |   |                |    |   |                 |   |   |   |   |
| Remaining face value of the Notes |   | $                   | 49,500  |   |                 | $      | 25,000 |   |   | $ | 74,500 |   |
| Debt discount, net                |   |                | (8,424  | )      |                 |   | (4,426 | )      |   |   | (12,850 | ) |
| Accrued interest                  |   |                | 973     |   |                 |   | 509    |   |   |   | 1,482 |   |
| Balance, end of period            |   |                | 42,049  |   |                 |   | 21,083 |   |   |   | 63,132 |   |
| less: current portion             |   |                | (17,069 | )      |                 |   | (7,689 | )      |   |   | (24,758 | ) |
| Long-term portion                 |   | $                   | 24,980  |   |                 | $      | 13,394 |   |   | $ | 38,374 |   |

|                         |   | PurchaseAgreement I |   |   | PurchaseAgreement II |   |   | Totals |   |
|------------------------------|--------|--------------------------|--------|--------|---------------------------|--------|--------|--------|--------|
|                         |   |                     |   |   |                      |   |   |   |   |
| Original issue discount      |   | $                        | 12,871 |   |                      | $      | 5,280  |   |   | $ | 18,151 |   |
| Amortized to expense         |   |                     | (4,447 | )      |                      |   | (855   | )      |   |   | (5,302 | ) |
| Balance, end of period       |   | $                        | 8,424  |   |                      | $      | 4,425  |   |   | $ | 12,849 |   |
|                         |   |                     |   |   |                      |   |   |   |   |   |   |   |
| Future Amortization:         |   |                     |   |   |                      |   |   |   |   |   |   |   |
| Year ended December 31, 2011 |   | $                        | 4,713  |   |                      | $      | 2,226  |   |   | $ | 6,939 |   |
| Year ended December 31, 2012 |   |                     | 3,523  |   |                      |   | 1,857  |   |   |   | 5,380 |   |
| Year ended December 31, 2013 |   |                     | 188    |   |                      |   | 342    |   |   |   | 530 |   |
|                         |   | $                        | 8,424  |   |                      | $      | 4,425  |   |   | $ | 12,849 |   |

----

|                         |   | PurchaseAgreement I |   |   | PurchaseAgreement II |   |   | Totals |   |
|------------------------------|--------|--------------------------|--------|--------|---------------------------|--------|--------|--------|--------|
|                         |   |                     |   |   |                      |   |   |   |   |
| Financing costs incurred     |   | $                        | 2,324  |   |                      | $      | 1,048  |   |   | $ | 3,372 |   |
| Amortized to expense         |   |                     | (864   | )      |                      |   | (212   | )      |   |   | (1,076 | ) |
| Balance, end of year         |   | $                        | 1,460  |   |                      | $      | 836    |   |   | $ | 2,296 |   |
|                         |   |                     |   |   |                      |   |   |   |   |   |   |   |
| Future Amortization:         |   |                     |   |   |                      |   |   |   |   |   |   |   |
| Year ended December 31, 2011 |   | $                        | 856    |   |                      | $      | 497    |   |   | $ | 1,353 |   |
| Year ended December 31, 2012 |   |                     | 577    |   |                      |   | 321    |   |   |   | 898 |   |
| Year ended December 31, 2013 |   |                     | 28     |   |                      |   | 18     |   |   |   | 46 |   |
|                         |   | $                        | 1,461  |   |                      | $      | 836    |   |   | $ | 2,297 |   |

----

|                                |   | March 31, |   |   | December 31, |   |
|-------------------------------------|--------|-----------|--------|--------|--------------|--------|
|                                |   | 2011      |   |   | 2010         |   |
|                                |   |      |   |   |         |   |
| Balance, beginning of period        |   | $         | 3,307  |   |         | $      | 5,073 |   |
| Borrowings                          |   |      | -      |   |         |   | 754 |   |
| Repayments                          |   |      | (919   | )      |         |   | (2,614 | ) |
| Amortization of debt issuance costs |   |      | 24     |   |         |   | 94 |   |
| Balance, end of period              |   |      | 2,412  |   |         |   | 3,307 |   |
| less: current portion               |   |      | (2,302 | )      |         |   | (2,478 | ) |
| Long term capital lease obligation  |   | $         | 110    |   |         | $      | 829 |   |

----

----

----

|              |   | Volatility |   |   | Interest Rate |   |   | Stock Price |   |   | Term inYears |   |
|-------------------|--------|------------|--------|--------|---------------|--------|--------|-------------|--------|--------|--------------|--------|
|              |   |       |   |   |          |   |   |        |   |   |         |   |
| December 31, 2010 |   |       | 63.9   | %      |          |   | 0.3    | %           |   | $      | 3.79         |   |   |   | 1.2 |   |
| March 31, 2011    |   |       | 60.3   | %      |          |   | 0.3    | %           |   | $      | 2.96         |   |   |   | 1.0 |   |

|              |   | Volatility |                   |   | Interest Rate |   |   | Stock Price |   |   | Term inYears |   |
|-------------------|--------|------------|------------------------|--------|---------------|--------|--------|-------------|--------|--------|--------------|--------|
|              |   |       |                   |   |          |   |   |        |   |   |         |   |
| December 31, 2010 |   |       | 84.7% - 93.4 | %      |          |   | 2.0    | %           |   | $      | 3.79         |   |   |   | 4.7 - 5.0 |   |
| March 31, 2011    |   |       | 84.5% - 85.9 | %      |          |   | 2.2    | %           |   | $      | 2.96         |   |   |   | 4.4 - 4.8 |   |

|              |   | Volatility |   |   | Interest Rate |   |   | Stock Price |   |   | Term inYears |   |
|-------------------|--------|------------|--------|--------|--------------------|--------|--------|-------------|--------|--------|--------------|--------|
|              |   |       |   |   |               |   |   |        |   |   |         |   |
| December 31, 2010 |   |       | 60.1   | %      |               |   | 4.1    | %           |   | $      | 0.52         |   |   |   | 2.1 |   |
| March 31, 2011    |   |       | 59.0   | %      |               |   | 4.1    | %           |   | $      | 0.58         |   |   |   | 1.8 |   |

----

|              |   | Carrying |   |   | Fair Value Measurements Using |   |
|-------------------|--------|----------|--------|--------|-------------------------------|--------|
|              |   | Value    |   |   | Level 1                       |   |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|              |   |     |   |   |                          |   |   |   |   |   |   |   |   |   |   |
| Warrants          |   | $        | 8,931  |   |                          | $      | - |   |   | $ | - |   |   | $ | 8,931 |   |   | $ | 8,931 |   |
| Put Options       |   |     | 16,089 |   |                          |   | - |   |   |   | - |   |   |   | 16,089 |   |   |   | 16,089 |   |
| Convertible bonds |   |     | 34     |   |                          |   | - |   |   |   | - |   |   |   | 34 |   |   |   | 34 |   |
|              |   | $        | 25,054 |   |                          | $      | - |   |   | $ | - |   |   | $ | 25,054 |   |   | $ | 25,054 |   |

|                                         |   |     |   |   |        |   |   | Convertible |   |   |   |   |
|----------------------------------------------|--------|----------|--------|--------|-------------|--------|--------|-------------|--------|--------|--------|--------|
|                                         |   | Warrants |   |   | Put Options |   |   | Bonds       |   |   | Totals |   |
|                                         |   |     |   |   |        |   |   |        |   |   |   |   |
| Balance at December 31, 2010                 |   | $        | 14,084 |   |        | $      | 1,340  |        |   | $      | 29     |   |   | $ | 15,453 |   |
| Total realized/unrealized (gains) or losses: |   |     |   |   |        |   |   |        |   |   |   |   |   |   |   |   |
| Included in other income and expense         |   |     | (5,153 | )      |        |   | 13,941 |        |   |   | 5      |   |   |   | 8,793 |   |
| Included in other comprehensive income       |   |     | -      |   |        |   | -      |        |   |   | -      |   |   |   | - |   |
| Included in stockholders' equity             |   |     | -      |   |        |   | -      |        |   |   | -      |   |   |   | - |   |
| Purchases, issuances and settlements         |   |     | -      |   |        |   | 808    |        |   |   | -      |   |   |   | 808 |   |
| Transfers in and/or out of Level 3           |   |     | -      |   |        |   | -      |        |   |   | -      |   |   |   | - |   |
| Balance at March 31, 2011                    |   | $        | 8,931  |   |        | $      | 16,089 |        |   | $      | 34     |   |   | $ | 25,054 |   |

----

| Unrecognized compensation expense: |   |   |   |
|------------------------------------|--------|--------|--------|
|                               |   |   |   |
| 2011                               |   | $      | 2,740  |   |
| 2012                               |   |   | 2,704  |   |
| 2013                               |   |   | 1,577  |   |
| 2014                               |   |   | 625    |   |
| 2015                               |   |   | 263    |   |
|                               |   | $      | 7,909  |   |

----

|                          |   | Options |      |   | Weightedaverageexerciseprice |   |   | Weightedaverageremainingcontractuallife |   |   | Aggregateintrinsicvalue |   |
|-------------------------------|--------|---------|-----------|--------|------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------|--------|
|                          |   |    |      |   |                         |   |   |                                    |   |   |                    |   |
| Balance at January 1, 2011    |   |    | 5,365,157 |   |                         | $      | 3.71   |                                    |   |   | 3.8                     |   |   | $ | 3,897,606 |   |
|                          |   |    |      |   |                         |   |   |                                    |   |   |                    |   |   |   |   |   |
| Granted                       |   |    | 645,000   |   |                         | $      | 3.15   |                                    |   |   |                    |   |   |   |   |   |
| Exercised                     |   |    | (99,006   | )      |                         | $      | 1.86   |                                    |   |   |                    |   |   |   |   |   |
| Forfeited or expired          |   |    | (227,144  | )      |                         | $      | 4.24   |                                    |   |   |                    |   |   |   |   |   |
| Balance at March 31, 2011     |   |    | 5,684,007 |   |                         | $      | 3.66   |                                    |   |   | 3.7                     |   |   | $ | 3,659,630 |   |
|                          |   |    |      |   |                         |   |   |                                    |   |   |                    |   |   |   |   |   |
| Exercisable at March 31, 2011 |   |    | 3,663,413 |   |                         | $      | 3.70   |                                    |   |   | 2.7                     |   |   | $ | 3,338,130 |   |

|                          |   |       |      |   | Weighted   |   |
|-------------------------------|--------|------------|-----------|--------|------------|--------|
|                          |   | Non-vested |      |   | average    |   |
|                          |   | Options    |      |   | fair value |   |
|                          |   |       |      |   |       |   |
| Non-vested at January 1, 2011 |   |       | 1,552,916 |   |       | $      | 3.18 |   |
|                          |   |       |      |   |       |   |   |   |
| Granted                       |   |       | 645,000   |   |       |   | 2.81 |   |
| Vested                        |   |       | 49,822    |   |       |   | 1.00 |   |
| Forfeited                     |   |       | (227,144  | )      |       |   | 4.24 |   |
| Non-vested at March 31, 2011  |   |       | 2,020,594 |   |       | $      | 2.70 |   |

|                          |   |       |      |   | Weighted   |   |
|-------------------------------|--------|------------|-----------|--------|------------|--------|
|                          |   | Restricted |      |   | average    |   |
|                          |   | Stock      |      |   | fair value |   |
|                          |   |       |      |   |       |   |
| Non-vested at January 1, 2011 |   |       | 1,456,000 |   |       | $      | 3.57 |   |
|                          |   |       |      |   |       |   |   |   |
| Granted                       |   |       | 225,000   |   |       |   | 3.32 |   |
| Vested                        |   |       | (10,000   | )      |       |   | 3.93 |   |
| Forfeited                     |   |       | (60,000   | )      |       |   | 3.59 |   |
| Non-vested at March 31, 2011  |   |       | 1,611,000 |   |       | $      | 3.53 |   |

----

|                    | 2011           |   |
|-------------------------|----------------|--------|
| Expected term           | 4 - 6 yrs      |   |
| Risk free interest rate | 1.9% - 2.4%    |   |
| Expected volatility     | 83.4% - 102.4% |   |
| Expected dividend yield | 0%             |   |

|                     |   | Options Outstanding |      |
|--------------------------|--------|--------------------------|-----------|
| Exercise pricerange |   | Number ofoptions    |      |   | Weightedaverageremainingcontractual life |   |   | Weightedaverageexercise price |   |   | Aggregateinstrinsic value |   |
|                     |   |                     |      |   |   |   |   |   |   |   |   |   |
| $0.49 - $1.61            |   |                     | 656,821   |   |   |   | 0.7 |   |   | $ | 1.61 |   |   | $ | 1,467,433 |   |
| $2.10 - $4.25            |   |                     | 3,629,997 |   |   |   | 4.6 |   |   |   | 3.07 |   |   |   | 2,192,197 |   |
| $4.83 - $4.90            |   |                     | 422,427   |   |   |   | 1.7 |   |   |   | 4.90 |   |   |   | - |   |
| $5.18 - $6.79            |   |                     | 812,975   |   |   |   | 3.6 |   |   |   | 6.54 |   |   |   | - |   |
| $7.15 - $7.63            |   |                     | 161,787   |   |   |   | 2.4 |   |   |   | 7.33 |   |   |   | - |   |
| Totals                   |   |                     | 5,684,007 |   |   |   | 3.7 |   |   | $ | 3.66 |   |   | $ | 3,659,630 |   |

----

|                     |   | Options Exercisable |      |
|--------------------------|--------|--------------------------|-----------|
| Exercise pricerange |   | Number ofoptions    |      |   | Weightedaverageremainingcontractual life |   |   | Weightedaverageexercise price |   |   | Aggregateinstrinsic value |   |
|                     |   |                     |      |   |   |   |   |   |   |   |   |   |
| $0.49 - $1.61            |   |                     | 656,821   |   |   |   | 0.7 |   |   | $ | 1.61 |   |   | $ | 1,467,433 |   |
| $2.10 - $4.25            |   |                     | 1,745,831 |   |   |   | 3.3 |   |   |   | 2.77 |   |   |   | 1,870,697 |   |
| $4.83 - $4.90            |   |                     | 422,427   |   |   |   | 1.7 |   |   |   | 4.90 |   |   |   | - |   |
| $5.18 - $6.79            |   |                     | 709,047   |   |   |   | 3.6 |   |   |   | 6.53 |   |   |   | - |   |
| $7.15 - $7.63            |   |                     | 129,287   |   |   |   | 2.4 |   |   |   | 7.36 |   |   |   | - |   |
| Totals                   |   |                     | 3,663,413 |   |   |   | 2.7 |   |   | $ | 3.70 |   |   | $ | 3,338,130 |   |

|                          |   | Warrants |       |   | Weightedaverageexercise price |   |   | Weightedaverageremainingcontractual life |   |   | Aggregateintrinsic value |   |
|-------------------------------|--------|----------|------------|--------|------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-------------------------------|--------|
|                          |   |     |       |   |                               |   |   |                                          |   |   |                          |   |
| Balance at January 1, 2011    |   |     | 42,659,126 |   |                               | $      | 3.87   |                                          |   |   | 2.8                           |   |   | $ | 28,470,084 |   |
|                          |   |     |       |   |                               |   |   |                                          |   |   |                          |   |   |   |   |   |
| Granted                       |   |     | -          |   |                               |   | -      |                                          |   |   |                          |   |   |   |   |   |
| Exercised                     |   |     | -          |   |                               |   | -      |                                          |   |   |                          |   |   |   |   |   |
| Expired                       |   |     | (1,562,500 | )      |                               |   | 8.25   |                                          |   |   |                          |   |   |   |   |   |
| Balance at March 31, 2011     |   |     | 41,096,626 |   |                               | $      | 3.70   |                                          |   |   | 2.6                           |   |   | $ | 11,887,831 |   |
|                          |   |     |       |   |                               |   |   |                                          |   |   |                          |   |   |   |   |   |
| Exercisable at March 31, 2011 |   |     | 40,632,462 |   |                               | $      | 3.69   |                                          |   |   | 2.6                           |   |   | $ | 11,887,831 |   |

|                          |   |       |       |   | Weighted        |   |
|-------------------------------|--------|------------|------------|--------|-----------------|--------|
|                          |   | Non-vested |       |   | average         |   |
|                          |   | Warrants   |       |   | fair value |   |
|                          |   |       |       |   |            |   |
| Non-vested at January 1, 2011 |   |       | 2,890,834  |   |            | $      | 4.16 |   |
|                          |   |       |       |   |            |   |   |   |
| Granted                       |   |       | -          |   |            |   | - |   |
| Vested                        |   |       | (2,426,670 | )      |            |   | 4.11 |   |
| Forfeited                     |   |       | -          |   |            |   | - |   |
| Non-vested at March 31, 2011  |   |       | 464,164    |   |            | $      | 4.41 |   |

----

|                           |   | Warrants Outstanding |       |
|--------------------------------|--------|---------------------------|------------|
| Exercise price range |   | Number ofwarrants    |       |   | Weightedaverageremainingcontractual life |   |   | Weightedaverageexercise price |   |   | Aggregateinstrinsic value |   |
|                           |   |                      |       |   |   |   |   |   |   |   |   |   |
| $2.10 - $2.80                  |   |                      | 18,166,712 |   |   |   | 1.0 |   |   | $ | 2.31 |   |   | $ | 11,887,831 |   |
| $4.83 - $5.95                  |   |                      | 19,378,809 |   |   |   | 4.2 |   |   |   | 4.12 |   |   |   | - |   |
| $7.50 - $8.88                  |   |                      | 2,935,717  |   |   |   | 2.3 |   |   |   | 7.27 |   |   |   | - |   |
| $10.50 - $17.57                |   |                      | 615,388    |   |   |   | 3.1 |   |   |   | 14.62 |   |   |   | - |   |
|                           |   |                      | 41,096,626 |   |   |   | 2.6 |   |   | $ | 3.70 |   |   | $ | 11,887,831 |   |

|                           |   | Warrants Exercisable |       |
|--------------------------------|--------|---------------------------|------------|
| Exercise price range |   | Number ofwarrants    |       |   | Weightedaverageremainingcontractual life |   |   | Weightedaverageexercise price |   |   | Aggregateinstrinsic value |   |
|                           |   |                      |       |   |   |   |   |   |   |   |   |   |
| $2.10 - $2.80                  |   |                      | 18,166,712 |   |   |   | 1.0 |   |   | $ | 2.31 |   |   | $ | 11,887,831 |   |
| $4.83 - $5.95                  |   |                      | 18,914,645 |   |   |   | 4.2 |   |   |   | 4.11 |   |   |   | - |   |
| $7.50 - $8.88                  |   |                      | 2,935,717  |   |   |   | 2.3 |   |   |   | 7.27 |   |   |   | - |   |
| $10.50 - $17.57                |   |                      | 615,388    |   |   |   | 3.1 |   |   |   | 14.62 |   |   |   | - |   |
|                           |   |                      | 40,632,462 |   |   |   | 2.6 |   |   | $ | 3.69 |   |   | $ | 11,887,831 |   |

----

|                                                       |   | Three Months Ended |   |
|------------------------------------------------------------|--------|--------------------|--------|
|                                                       |   | March 31,          |   |
|                                                       |   | 2011               |   |   | 2010 |   |
|                                                       |   |               |   |   |   |   |
| Balance, beginning of period                               |   | $                  | 1,767  |   |   | $ | 1,807 |   |
| Net income (loss) attributable to noncontrolling interests |   |               | 10     |   |   |   | (126 | ) |
| Translation adjustments                                    |   |               | 50     |   |   |   | 20 |   |
| Balance, end of period                                     |   | $                  | 1,827  |   |   | $ | 1,701 |   |

----

----

|   | · | The Transportation segment produces batteries and battery solutions for hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), electric vehicles (EVs) and other vehicles such as trucks and buses. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Grid Energy Storage segment develops and manufactures energy storage applications for utility grid and commercial applications. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Small Pack segment, which includes industrial cell product markets, manufactures lithium-ion batteries for sale to customers in the handheld scanner, personal digital assistant and medical device markets. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (in thousands)                                      |   | Transportation |    |   | Grid EnergyStorage |   |   | Small Pack |   |   | Non-segmentItems(1) |   |   | Total  |    |
|-----------------------------------------------------|--------|----------------|---------|--------|--------------------|--------|--------|------------|--------|--------|---------------------|--------|--------|--------|---------|
| Three Months Ended March 31, 2011                   |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |
| External sales                                      |   | $              | 2,176   |   |               | $      | 9,502  |       |   | $      | 11,406              |   |   |   |    |   | $ | 23,084 |   |
| Intersegment sales                                  |   |           | -       |   |               |   | -      |       |   |   | 7,689               |   |   |   | (7,689  | ) |   |   | - |   |
| Total net sales                                     |   |           | 2,176   |   |               |   | 9,502  |       |   |   | 19,095              |   |   |   | (7,689  | ) |   |   | 23,084 |   |
|                                                |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   |   |   |
| Loss from operations                                |   |           | (5,120  | )      |               |   | (7,435 | )          |   |   | (98                 | )      |   |   | (59,257 | ) |   |   | (71,910 | ) |
| Other income (expense)                              |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | (12,716 | ) |
| Loss before income taxes                            |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | (84,626 | ) |
| Income tax expense (benefit)                        |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | 82 |   |
| Net loss                                            |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | (84,708 | ) |
| Net income attributable to noncontrolling interests |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | 10 |   |
| Net loss attributable to Ener1, Inc.                |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   | $ | (84,718 | ) |
|                                                |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   |   |   |
| Three Months Ended March 31, 2010                   |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   |   |   |
| External Sales                                      |   | $              | 805     |   |               | $      | -      |       |   | $      | 10,170              |   |   |   |    |   |   | $ | 10,975 |   |
| Intersegment Sales                                  |   |           | -       |   |               |   | -      |       |   |   | 1,107               |   |   |   | (1,107  | ) |   |   | - |   |
| Total Sales                                         |   |           | 805     |   |               |   | -      |       |   |   | 11,277              |   |   |   | (1,107  | ) |   |   | 10,975 |   |
|                                                |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   |   |   |
| Loss from Operations                                |   |           | (13,315 | )      |               |   | -      |       |   |   | (1,638              | )      |   |   | (316    | ) |   |   | (15,269 | ) |
| Other Income/Expense                                |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | (178 | ) |
| Loss Before Income Taxes                            |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | (15,447 | ) |
| Income Tax Expense (Benefit)                        |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | 16 |   |
| Net loss                                            |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | (15,463 | ) |
| Net loss attributable to noncontrolling interests   |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   |   | (126 | ) |
| Net loss attributable to Ener1, Inc.                |   |           |    |   |               |   |   |       |   |   |                |   |   |   |    |   |   | $ | (15,337 | ) |

----

|                                          |   | Three Months Ended |    |
|-----------------------------------------------|--------|------------------------------|---------|
|                                          |   | March 31,               |    |
|                                          |   | 2011                         |    |   | 2010 |   |
| Net sales:                                    |   |                         |    |   |   |   |
| U.S.                                          |   | $                            | 21,632  |   |   | $ | 7,763 |   |
| South Korea                                   |   |                         | 14,616  |   |   |   | 8,150 |   |
| Intersegment transfers                        |   |                         | (13,164 | ) |   |   | (4,938 | ) |
| Total net sales                               |   | $                            | 23,084  |   |   | $ | 10,975 |   |
|                                          |   |                         |    |   |   |   |   |   |
| Net income (loss) attributable to Ener1, Inc. |   |                         |    |   |   |
| U.S.                                          |   | $                            | (85,004 | ) |   | $ | (13,947 | ) |
| South Korea                                   |   |                         | 37      |   |   |   | (1,094 | ) |
| Intersegment transfers                        |   |                         | 249     |   |   |   | (296 | ) |
| Net loss attributable to Ener1, Inc.          |   | $                            | (84,718 | ) |   | $ | (15,337 | ) |
|                                          |   |                         |    |   |   |   |   |   |
|                                          |   | March 31,                    |    |   | December 31, |   |
|                                          |   | 2011                         |    |   | 2010 |   |
| Assets:                                       |   |                         |    |   |   |   |   |   |
| U.S.                                          |   | $                            | 250,686 |   |   | $ | 318,077 |   |
| South Korea                                   |   |                         | 79,381  |   |   |   | 78,467 |   |
| Total assets                                  |   | $                            | 330,067 |   |   | $ | 396,544 |   |

|                                    |   | Three Months Ended |   |
|-----------------------------------------|--------|------------------------------|--------|
|                                    |   | March 31,               |   |
|                                    |   | 2011                         |   |   |   |   |   | 2010 |   |   |   |   |
| Mobile Gas Turbine Electric Powerplants |   | $                            | 9,362  |   |   |   | 41 | % |   | $ | - |   |   |   | 0 | % |
| Symbol Technologies (Motorola)          |   |                         | 3,090  |   |   |   | 13 | % |   |   | 3,124 |   |   |   | 28 | % |
| Bren-Tronics                            |   |                         | 1,407  |   |   |   | 6 | % |   |   | 1,445 |   |   |   | 13 | % |
|                                    |   | $                            | 13,859 |   |   |   |   |   |   | $ | 4,569 |   |   |   |   |   |

----

----

----

|   | · | The Transportation segment produces batteries and battery solutions for hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), electric vehicles (EVs) and other vehicles such as trucks and buses. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Grid Energy Storage segment develops and manufactures energy storage applications for utility grid and commercial applications.  Our current customers in this segment include Mobile Gas Turbine Electric Powerplants (MGTES) and Portland General Electric (PGE). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Small Pack segment, which includes industrial cell product markets, manufactures lithium-ion batteries for sale to customers in the handheld scanner, personal digital assistant and medical device markets.  Our current customers in this segment include Motorola. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                                       |   | Three Months Ended |    |   |   |   |    |   |   |
|------------------------------------------------------------|--------|------------------------------|---------|--------|--------|--------|---------|--------|--------|
|                                                       |   | March 31,               |    |   | Change |   |
|                                                       |   | 2011                         |    |   | 2010   |   |    | $      |   |   | % |   |
| Net sales:                                            |   |                         |    |   |   |   |    |   |   |   |   |   |
| Transportation                                             |   | $                            | 2,176   |   |   | $      | 805     |   |   | $ | 1,371 |   |   |   | 170 | % |
| Grid energy storage                                        |   |                         | 9,502   |   |   |   | -       |   |   |   | 9,502 |   |   |   | 100 | % |
| Small pack                                                 |   |                         | 19,095  |   |   |   | 11,277  |   |   |   | 7,818 |   |   |   | 69 | % |
| Non-segment items                                          |   |                         | (7,689  | )      |   |   | (1,107  | )      |   |   | (6,582 | ) |   |   | * |   |
| Total net sales                                            |   |                         | 23,084  |   |   |   | 10,975  |   |   |   | 12,109 |   |   |   | 110 | % |
|                                                       |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Cost of sales:                                             |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Transportation                                             |   |                         | 2,818   |   |   |   | -       |   |   |   | 2,818 |   |   |   | 100 | % |
| Grid energy storage                                        |   |                         | 6,213   |   |   |   | -       |   |   |   | 6,213 |   |   |   | 100 | % |
| Small pack                                                 |   |                         | 16,454  |   |   |   | 10,441  |   |   |   | 6,013 |   |   |   | 58 | % |
| Non-segment items                                          |   |                         | (7,866  | )      |   |   | (613    | )      |   |   | (7,253 | ) |   |   | * |   |
| Total cost of sales                                   |   |                         | 17,619  |   |   |   | 9,828   |   |   |   | 7,791 |   |   |   | 79 | % |
|                                                       |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Gross profit:                                              |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Transportation                                             |   |                         | (642    | )      |   |   | 805     |   |   |   | (1,447 | ) |   |   | -180 | % |
| Grid energy storage                                        |   |                         | 3,289   |   |   |   | -       |   |   |   | 3,289 |   |   |   | 100 | % |
| Small pack                                                 |   |                         | 2,641   |   |   |   | 836     |   |   |   | 1,805 |   |   |   | 216 | % |
| Non-segment items                                          |   |                         | 177     |   |   |   | (494    | )      |   |   | 671 |   |   |   | * |   |
| Total gross profit                                         |   |                         | 5,465   |   |   |   | 1,147   |   |   |   | 4,318 |   |   |   | 376 | % |
|                                                       |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                        |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| General and administrative                                 |   |                         | 8,014   |   |   |   | 5,229   |   |   |   | 2,785 |   |   |   | 53 | % |
| Research and development, net                              |   |                         | 8,536   |   |   |   | 9,866   |   |   |   | (1,330 | ) |   |   | -13 | % |
| Grant proceeds recognized                                  |   |                         | (173    | )      |   |   | (28     | )      |   |   | (145 | ) |   |   | * |   |
| Depreciation and amortization                              |   |                         | 1,565   |   |   |   | 1,349   |   |   |   | 216 |   |   |   | 16 | % |
| Impairment loss                                            |   |                         | 59,433  |   |   |   | -       |   |   |   | 59,433 |   |   |   | * |   |
| Total operating expenses                                   |   |                         | 77,375  |   |   |   | 16,416  |   |   |   | 60,959 |   |   |   | 371 | % |
| Loss from operations                                       |   |                         | (71,910 | )      |   |   | (15,269 | )      |   |   | (56,641 | ) |   |   | 371 | % |
|                                                       |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Other income (expense):                                    |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Interest expense                                           |   |                         | (3,972  | )      |   |   | (2,002  | )      |   |   | (1,970 | ) |   |   | 98 | % |
| Gain (loss) on derivative instruments                      |   |                         | 5,148   |   |   |   | 1,525   |   |   |   | 3,623 |   |   |   | 238 | % |
| Gain (loss) on financial instruments                       |   |                         | (13,941 | )      |   |   | -       |   |   |   | (13,941 | ) |   |   | 100 | % |
| Foreign currency gain (loss)                               |   |                         | (367    | )      |   |   | (50     | )      |   |   | (317 | ) |   |   | * |   |
| Other                                                      |   |                         | 416     |   |   |   | 349     |   |   |   | 67 |   |   |   | * |   |
| Total other income (expense)                               |   |                         | (12,716 | )      |   |   | (178    | )      |   |   | (12,538 | ) |   |   | * |   |
|                                                       |   |                         |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Loss before income taxes                                   |   |                         | (84,626 | )      |   |   | (15,447 | )      |   |   | (69,179 | ) |   |   | 448 | % |
| Income tax expense                                         |   |                         | 82      |   |   |   | 16      |   |   |   | 66 |   |   |   | * |   |
| Net loss                                                   |   |                         | (84,708 | )      |   |   | (15,463 | )      |   |   | (69,245 | ) |   |   | 448 | % |
| Net income (loss) attributable to noncontrolling interests |   |                         | 10      |   |   |   | (126    | )      |   |   | 136 |   |   |   | * |   |
| Net loss attributable to Ener1, Inc.                       |   | $                            | (84,718 | )      |   | $      | (15,337 | )      |   | $ | (69,381 | ) |   |   |   |   |

----

----

|                                |   | March 31, |   |   | Change |   |
|-------------------------------------|--------|----------------|--------|--------|--------|--------|
|                                |   | 2011           |   |   | 2010   |   |   | $ |   |   | % |   |
| Depreciation expense:               |   |           |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                       |   | $              | 1,282  |   |   | $      | 818 |   |   | $ | 464 |   |   |   | 57 | % |
| Operating expenses                  |   |           | 1,144  |   |   |   | 823 |   |   |   | 321 |   |   |   | 39 | % |
| Total depreciation expense          |   | $              | 2,426  |   |   | $      | 1,641 |   |   | $ | 785 |   |   |   | 48 | % |
|                                |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization expense:               |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                  |   |           | 421    |   |   |   | 526 |   |   |   | (105 | ) |   |   | -20 | % |
|                                |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total depreciation and amortization |   | $              | 2,847  |   |   | $      | 2,167 |   |   | $ | 680 |   |   |   | 31 | % |

|                   |   | Three Months Ended |   |   |   |   |   |   |   |
|------------------------|--------|------------------------------|--------|--------|--------|--------|--------|--------|--------|
|                   |   | March 31,               |   |   | Change |   |
|                   |   | 2011                         |   |   | 2010   |   |   | $      |   |   | % |   |
| Cash                   |   | $                            | 1,931  |   |   | $      | 130    |   |   | $ | 1,801 |   |   |   | 1385 | % |
| Non-cash               |   |                         | 2,041  |   |   |   | 1,872  |   |   |   | 169 |   |   |   | 9 | % |
| Total interest expense |   | $                            | 3,972  |   |   | $      | 2,002  |   |   | $ | 1,970 |   |   |   | 98 | % |

----

|                                           |   | Three Months Ended |    |
|------------------------------------------------|--------|------------------------------|---------|
|                                           |   | March 31,               |    |
|                                           |   | 2011                         |    |   | 2010 |   |
|                                           |   |                         |    |   |   |   |
| Net loss                                       |   | $                            | (84,708 | ) |   | $ | (15,463 | ) |
| Non-cash items                                 |   |                         | 76,660  |   |   |   | 3,876 |   |
| Net change in working capital items            |   |                         | (26,243 | ) |   |   | 2,694 |   |
| Operating activities                           |   |                         | (34,291 | ) |   |   | (8,893 | ) |
| Investing activities                           |   |                         | (6,667  | ) |   |   | (16,149 | ) |
| Financing activities                           |   |                         | 407     |   |   |   | 18,383 |   |
| Effects of exchange rates                      |   |                         | (356    | ) |   |   | (9 | ) |
| Net decrease in cash and cash equivalents      |   | $                            | (40,907 | ) |   | $ | (6,668 | ) |
| Cash and cash equivalents, beginning of period |   |                         | 60,310  |   |   |   | 14,314 |   |
| Cash and cash equivalents, end of period       |   | $                            | 19,403  |   |   | $ | 7,646 |   |

----

----

----

----

----

----

|                | ENER1, INC. |
|---------------------|-------------|
|                |        |   |
| Dated: May 10, 2011 | by:         |   /s/ Charles Gassenheimer |
|                |        |   Charles Gassenheimer |
|                |        |   Chief Executive Officer, Chairman |
|                |        |   (Principal Executive Officer) |
|                |        |   |
| Dated: May 10, 2011 | by:         |   /s/ Jeffrey Seidel |
|                |        |   Jeffrey Seidel |
|                |        |   Chief Financial Officer |
|                |        |   (Principal Financial Officer) |
|                |        |   |
| Dated: May 10, 2011 | by:         |   /s/ Robert R. Kamischke |
|                |        |   Robert R. Kamischke |
|                |        |   Chief Accounting Officer and Vice President of Finance |
|                |        |   (Principal Accounting Officer) |

----

| ExhibitNumber |   | Description                                                                                                                                                                                                                                                                                                                                             |
|---------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1           |   | Purchase Agreement, entered into on October 16, 2008, by and between Ener1, Inc. and TVG Asian Communications Fund II, L.P. and Rosebud Securities Limited to acquire 83% ownership interest in Enertech International, Inc., incorporated herein by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated October 30, 2008. |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.1           |   | Amended and Restated Articles of Incorporation of the Registrant, dated February 12, 1993, incorporated by reference to Exhibit 3(i) to the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2000, SEC File No. 000-21138.                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.2           |   | Articles of Amendment to Amended and Restated Articles of Incorporation, dated March 11, 2002, incorporated by reference to Exhibit 3.2 of the Registrant's Annual Report on Form 10-K for the year ended December 31, 2001, SEC File No. 000-21138.                                                                                                    |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.3           |   | Articles of Amendment to Amended and Restated Articles of Incorporation, dated October 21, 2002, incorporated by reference to Exhibit 3.1 of the Registrant's Current Report on Form 8-K dated October 28, 2002, SEC File No. 000-21138.                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.4           |   | Articles of Amendment to Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit A of the Registrant's Schedule 14C filed on December 6, 2004, SEC File No. 000-21138.                                                                                                                                                     |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.5           |   | By-laws of the Registrant, incorporated by reference to Exhibit 3.4 of the Registrant's Registration Statement on Form SB-2 (Registration No. 333-112837), filed February 13, 2004.                                                                                                                                                                     |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.6           |   | Amendment to By-laws of the Registrant, dated January 5, 2005, incorporated by reference to Exhibit 3.2 of the Registrant’s Current Report on Form 8-K dated January 12, 2005, SEC File No. 000-21138.                                                                                                                                            |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.7           |   | Articles of Amendment to Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit B of the Registrant's Schedule 14C filed December 10, 2007.                                                                                                                                                                               |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.8           |   | Articles of Amendment to Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit 3.8 of the Registrant’s Current Report on Form 8-K filed April 24, 2008.                                                                                                                                                            |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.9           |   | Articles of Amendment to Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit B of the Registrant’s Schedule 14C filed July 22, 2008.                                                                                                                                                                             |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.10          |   | Articles of Amendment to Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit B of the Registrant’s Schedule 14C filed December 11, 2008.                                                                                                                                                                         |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.11          |   | Articles of Amendment to Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit of the Registrant’s Schedule 14C filed June 11, 2010.                                                                                                                                                                               |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 3.12          |   | Article of Amendment to Amended and Restated Articles of Incorporation, incorporated by reference to Exhibit 3.12 of the Registrant’s Annual Report on Form 10-K filed March 10, 2011.                                                                                                                                                            |
|          |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.1           |   | Form of Warrant to Purchase Common Stock issued pursuant to Securities Purchase Agreement, dated January 16, 2004, incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K dated January 21, 2004, SEC File No. 000-21138.                                                                                              |

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| 4.2    |   | Certificate of Designations of Series B Convertible Preferred Stock, dated October 15, 2004, incorporated by reference to Exhibit 3.6 of the Registrant’s Annual Report on Form 10-KSB for the year ended December 31, 2004, SEC File No. 000-21138.                                                                                                    |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.3    |   | Warrant to Purchase Common Stock issued October 20, 2004 to Delphi Automotive Systems, LLC, to purchase up to 7,000,000 shares of Common Stock, incorporated by reference to Exhibit 4.6 of the Registrant’s Annual Report on Form 10-KSB for the year ended December 31, 2004, SEC File No. 000-21138.                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.4    |   | Form of Warrant to Purchase Common Stock of Ener1, Inc., dated December 9, 2004 issued to Merriman Curhan Ford & Co., incorporated by reference to Exhibit 4.10 to the Registrant’s Registration Statement on Form SB-2 (Registration No. 333-124745), filed May 9, 2005.                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.5    |   | Warrant issued to Ener1 Group, Inc. dated June 30, 2006 to purchase 9,000,000 shares of Common Stock of the Registrant incorporated by reference to Exhibit 4.17 of Registrant's Quarterly Report on Form 10-QSB, filed August 21, 2006.                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.6    |   | Warrant issued to Ener1 Group, Inc. dated June 30, 2006 to purchase 20,000,000 shares of Common Stock of the Registrant incorporated by reference to Exhibit 4.18 of Registrant's Quarterly Report on Form 10-QSB, filed August 21, 2006.                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.7    |   | Form of Warrant to Purchase Common Stock of Ener1, Inc. issued to Ener1 Group on August 29, 2006, incorporated by reference to Exhibit 4.17 of Registrant's Form SB-2/A filed September 5, 2006.                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.8    |   | Warrant issued to Ener1 Group, Inc. dated September 30, 2006 to purchase 9,000,000 shares of Common Stock of the Registrant, incorporated by reference to Exhibit 4.20 of Registrant's Quarterly Report on Form 10-QSB for the period ending September 30, 2006.                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.9    |   | Warrant issued to Ener1 Group, Inc. dated September 30, 2006 to purchase 9,000,000 shares of Common Stock of the Registrant, incorporated by reference to Exhibit 4.21 of Registrant's Quarterly Report on Form 10-QSB for the period ending September 30, 2006.                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.10   |   | Form of Warrant to purchase 9,000,000 and 18,000,000 shares of Common Stock of the Registrant, issued to Ener1 Group, Inc., incorporated by reference to Exhibit 4.27 to the Registrant’s Registration Statement on Form SB-2 filed on February 14, 2007.                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.11   |   | Warrant issued to Charles Gassenheimer dated January 5, 2007 to purchase 500,000 shares of common stock of the Registrant, incorporated by reference to Exhibit 4.28 to the Registrant’s Registration Statement on Form SB-2 filed on February 14, 2007.                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.12   |   | Form of Warrant to Purchase Common Stock of the Registrant issued pursuant to Series B Stock Amendment Agreement between Ener1, Inc., Ener1 Group, Inc. and Cofis Compagnie Fiduciaire S.A., incorporated by reference to Exhibit 4.36 of the Registrant’s Annual Report on Form 10-KSB for the period ended December 31, 2007 filed on March 12, 2008. |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.13   |   | Warrant Agreement with Credit Suisse Securities (USA) LLC, dated as of March 23, 2010, incorporated by reference to Exhibit 1.3 to the Registrant’s Current Report on Form 8-K dated March 23, 2010.                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.14   |   | Securities Purchase Agreement with Ener1 Group, Inc., dated June 1, 2010, incorporated by reference to Exhibit 10.6 to the Registrant’s Form 10-Q dated August 5, 2010.                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                          |
| 4.15   |   | Warrant Agreement with Ener1 Group, Inc., dated as of June 8, 2010, to purchase 3,000,000 shares of Common Stock of the Registrant at a price per share of $3.48 (Class A Warrant), incorporated by reference to Exhibit 4.19 to the Registrant’s Form 10-Q dated August 5, 2010.                                                                       |

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| 4.16   |   | Warrant Agreement with Ener1 Group, Inc., dated as of June 8, 2010, to purchase 5,000,000 shares of Common Stock of the Registrant at a price per share of $4.40 (Class B Warrant), incorporated by reference to Exhibit 4.20 to the Registrant’s Form 10-Q dated August 5, 2010.                            |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.17   |   | Conversion Agreement with Bzinfin, S.A., dated August 3, 2010, incorporated by reference to Exhibit 10.7 to the Registrant’s Form 10-Q dated August 5, 2010.                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.18   |   | Warrant Agreement with Bzinfin, S.A., dated as of August 3, 2010, to purchase 863,806 shares of Common Stock of the Registrant at a price per share of $3.40 (Class A Warrant), incorporated by reference to Exhibit 4.21 to the Registrant’s Form 10-Q dated August 5, 2010.                                |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.19   |   | Warrant Agreement with Bzinfin, S.A., dated as of August 3, 2010, to purchase 1,457,672 shares of Common Stock of the Registrant at a price per share of $4.25 (Class B Warrant), incorporated by reference to Exhibit 4.22 to the Registrant’s Form 10-Q dated August 5, 2010.                              |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.20   |   | Note Purchase Agreement, dated as of August 27, 2010, by and between Ener1, Inc. and Itochu Corporation, incorporated by reference to Exhibit 1.1 to the Registrant’s Current Report on Form 8-K dated September 2, 2010.                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.21   |   | $4,000,0000 6% Senior Convertible Note, dated August 27, 2010, issued by Ener1, Inc. to Itochu Corporation, incorporated by reference to Exhibit 1.2 to the Registrant’s Current Report on Form 8-K dated September 2, 2010.                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.22   |   | $6,000,000 6% Senior Convertible Note, dated September 15, 2010, issued by Ener1, Inc. to Itochu Corporation, incorporated by reference to Exhibit 4.23 to the Registrant’s Form 10-Q dated November 4, 2010.                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.23   |   | Form of Note, incorporated by reference to Exhibit 1.2 to the Registrant’s Current Report on Form 8-K dated September 3, 2010.                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.24   |   | Form of Warrant, incorporated by reference to Exhibit 1.3 to the Registrant’s Current Report on Form 8-K dated September 3, 2010.                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.25   |   | Registration Rights Agreement, dated as of September 2, 2010, by and between Ener1, Inc. and the investors party thereto, incorporated by reference to Exhibit 1.4 to the Registrant’s Current Report on Form 8-K dated September 3, 2010.                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.26   |   | Warrant Agreement with Ener1 Group, Inc., dated as of September 21, 2010, to purchase 910,000 shares of Common Stock of the Registrant at a price per share of $3.53 (Class C Warrant), incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K dated September 23, 2010.   |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.27   |   | Warrant Agreement with Ener1 Group, Inc., dated as of September 21, 2010, to purchase 1,516,670 shares of Common Stock of the Registrant at a price per share of $4.46 (Class D Warrant), incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K dated September 23, 2010. |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.28   |   | Warrant Agreement with Ener1 Group, Inc., dated as of October 1, 2010, to purchase 174,062 shares of Common Stock of the Registrant at a price per share of $3.7877 (Class E Warrant), incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K dated October 7, 2010.       |
|   |   |                                                                                                                                                                                                                                                                                                               |
| 4.29   |   | Warrant Agreement with Ener1 Group, Inc., dated as of October 1, 2010, to purchase 290,102 shares of Common Stock of the Registrant at a price per share of $4.79 (Class F Warrant), incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K dated October 7, 2010.         |

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| 4.30   |   | Think Holdings AS Promissory Note, dated October 1, 2010, incorporated by reference to Exhibit 10.4 to the Registrant’s Current Report on Form 8-K dated October 7, 2010.                                                                                                                  |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                             |
| 4.31   |   | Amended Think Holdings AS Promissory Note, dated October 1, 2010 incorporated by reference to Exhibit 4.32 to the Registrant’s Form 10-Q dated November 4, 2010.                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                             |
| 4.32   |   | Think Holdings AS Promissory Note, dated October 28, 2010 incorporated by reference to Exhibit4.33 to the Registrant’s Form 10-Q dated November 4, 2010.                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                             |
| 4.33   |   | Form of Note, incorporated by reference to Exhibit 1.2 to the Registrant’s Current Report on Form 8-K dated January 3, 2011.                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                             |
| 4.34   |   | Form of Warrant, incorporated by reference to Exhibit 1.3 to the Registrant’s Current Report on Form 8-K dated January 3, 2011.                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                             |
| 4.35   |   | Registration Rights Agreement, dated as of December 31, 2010, by and between Ener1, Inc. and the investors party thereto, incorporated by reference to Exhibit 1.4 to the Registrant’s Current Report on Form 8-K dated January 3, 2011.                                                   |
|   |   |                                                                                                                                                                                                                                                                                             |
| 10.1   |   | Sino-Foreign Equity Joint Venture Contract between Ener1, Inc. and Wanxiang EV Co., Ltd., dated as of January 17, 2011, incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated January 21, 2011.                                                   |
|   |   |                                                                                                                                                                                                                                                                                             |
| 10.2   |   | Expanded Put Right Agreement between Ener1, Inc. and Investinor AS, dated January 4, 2011, incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated January 10, 2011.                                                                                |
|   |   |                                                                                                                                                                                                                                                                                             |
| 10.3   |   | Amended and Restated Revolving Line of Credit Agreement between Ener1, Inc., Think Holdings AS, Think Global AS and Think North America, Inc. dated as of February 28, 2011, incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated March 4, 2011. |
|   |   |                                                                                                                                                                                                                                                                                             |
| 10.4   |   | Amended and Restated Security Agreement between Ener1, Inc., Think Holdings AS, Think Global AS and Think North America, Inc., dated as of February 28, 2011, incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K dated March 4, 2011.                |
|   |   |                                                                                                                                                                                                                                                                                             |
| 10.5   |   | Norwegian Security Agreement between Ener1, Inc., Think Holdings AS and Think Global AS, dated February 28, 2011, incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K dated March 4, 2011.                                                            |
|   |   |                                                                                                                                                                                                                                                                                             |
| 10.6   |   | Extension of Repayment Date Agreement between Ener1, Inc., Think Holdings AS, Think Global AS and Think North America, Inc., dated March 9, 2011, incorporated by reference to Exhibit 10.18 to the Registrant’s Annual Report on Form 10-K dated March 10, 2011.                          |
|   |   |                                                                                                                                                                                                                                                                                             |
| 10.7   |   | Employment Agreement between Ener1, Inc. and Christopher L. Cowger, dated as of March 21, 2011, incorporated by reference to Exhibit 1.1 to the Registrant’s Current Report on Form 8-K dated March 25, 2011.                                                                              |
|   |   |                                                                                                                                                                                                                                                                                             |
| 10.8   | *      | Extension of Repayment Date Agreement between Ener1, Inc., Think Holdings AS, Think Global AS and Think North America, Inc., dated May 1, 2011.                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                             |
| 31.1   | *      | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer.                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                             |
| 31.2   | *      | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                             |
| 31.3   | *      | Rule 13a-14(a)/15d-14(a) Certification of Chief Accounting Officer.                                                                                                                                                                                                                              |

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| 32.1   | ‡ | Section 1350 Certification of Chief Executive Officer.  |
|--------|---------|---------------------------------------------------------|
|   |    |                                                    |
| 32.2   | ‡ | Section 1350 Certification of Chief Financial Officer.  |
|   |    |                                                    |
| 32.3   | ‡ | Section 1350 Certification of Chief Accounting Officer. |
|   |    |                                                    |

----