Exhibit 10.72



                                 PROMISSORY NOTE

$36,500.00                                                    New York, New York
July 1, 2002

     FOR VALUE RECEIVED,  Robert S. Ehrlich  ("Maker") hereby promises to pay to
the order of Electric Fuel Corporation  ("EFC"), at 632 Broadway,  New York, New
York,  or at such  other  place as may be  designated  in  writing by EFC or any
subsequent  holder of this Note  ("Holder"),  the  principal  sum of  Thirty-Six
Thousand  Five Hundred  Dollars  ($36,500.00),  on July 1, 2012,  together  with
simple  interest from the date hereof on the principal  amount from time to time
unpaid at a per annum rate  equal to the  lesser of (i) 5.75%,  and (ii) 1% over
the  then-current  Federal Fund Rate,  until the  principal sum is paid in full.
Interest will accrue on the loan until maturity.

     All payments  hereunder shall be made in United States Dollars only.  Maker
may  prepay  this  Note at any time and from  time to time  without  premium  or
penalty.

     Maker will bear no personal liability on the principal and accrued interest
of this Note.

     In the  event  that the  Maker  files or has  filed  against  the Maker any
petition  under any  bankruptcy or insolvency  law or for the  appointment  of a
receiver or makes a general  assignment  for the benefit of creditors,  then the
entire unpaid principal of this note,  together with accrued  interest  thereon,
shall automatically become immediately due and payable. No failure by the holder
to take action with respect to any default hereunder shall affect its subsequent
rights to take  action  with  respect to the same or any other  default.  In the
event of default the Maker  agrees to pay all  reasonable  costs of  collection,
including reasonable attorneys' fees, to the extent allowed by law.

     This  Note  shall be  secured  by a pledge  to EFC of  50,000  shares  (the
"Pledged  Shares") of EFC's common  stock,  $0.01 par value,  acquired with this
note.

     The recourse under this note shall only be to the Pledged Shares. EFC shall
have all  rights of a secured  party  under the  Uniform  Commercial  Code as in
effect in the State of New  York,  including  without  limitation  all  remedies
available  thereunder  to a  secured  party  in the  event of a  default  in the
performance of the obligation  secured,  with respect to the Pledged Shares, and
Maker will take all actions reasonably requested by EFC to perfect such security
interest,  including without limitation  delivering to EFC the stock certificate
or certificates representing the Pledged Shares, together with stock powers duly
endorsed in blank. EFC shall release its security interest in the Pledged Shares
when  all  principal  and  interest  owed  hereunder  have  been  paid in  full.
Notwithstanding  the  foregoing,  EFC shall  sell  Pledged  Shares  per  Maker's
instructions from time to time,  provided that with respect to any and each such
sale EFC may  withhold  from the  proceeds of such sale that  percentage  of the
original  principal  and  accrued  but  unpaid  interest  under this Note as the
Pledges  Shares sold shall bear to the original  50,000  Pledged Shares (so that
if, for example, Maker instructs EFC to sell 14,000 Pledged Shares, EFC shall be
entitled  to  withhold  from  the  proceeds  of such  sale  28% of the  original
principal amount and accrued but unpaid interest under this Note).

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     The Maker hereby waives presentment,  demand, notice of nonpayment, protest
and all other demands,  notices and defenses  (other than payment) in connection
with the delivery, acceptance, performance and enforcement of this note.

     This Note shall be deemed to have been made under and shall in all respects
be governed by the internal  laws of the State of New York without  reference to
conflicts of laws. Maker consents to the exclusive jurisdiction of the courts in
New York, New York with respect to any and all suits brought in connection  with
this Agreement, and waives any right to object to the personal or subject matter
jurisdiction  of such  court and  waives  any right to move  dismissal  based on
grounds of forum non conveniens.

     IN WITNESS  WHEREOF,  the  undersigned has duly executed and delivered this
Note as of the 1st day of July, 2002.



                                               -------------------------
                                                   Robert S. Ehrlich



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