Exhibit 4.7







INVESTMENT LETTER 




ENER1, INC. 
550 WEST CYPRESS CREEK
ROAD
FORT LAUDERDALE, FLORIDA 33309 




Gentlemen: 



        In
connection with the acquisition by the undersigned of Fifty Thousand (50,000) shares of
Common Stock (the “Shares”) in ENER1, INC., a Florida corporation (the
“Company”), the undersigned hereby covenants, represents and warrants that: 



          	 	1. 	
               The undersigned has provided certain services to the Company, including but not
               limited to services related to its obligations as a director to the Company and
               negotiations with executive employees, and is acquiring the Shares as
               compensation for his services. 


               



          	 	2. 	
               The undersigned is acquiring the Shares in good faith for the purpose of
               investment in the Company and not for the purpose of distributing or publicly
               selling the Shares to others; reselling, assigning, pledging or hypothecating
               the Shares; or dividing its participation with others in the Shares or any
               portion thereof. 


               



          	 	3. 	
               The undersigned further understands and acknowledges that the Company has
               advised it that the Shares have not been registered under the Securities Act of
               1933, as amended (“the Act”), on the ground that the transaction is
               exempt under the Act and the Shares shall have the status of securities acquired
               under Section 4(2) of the Act as not involving any public offering and that the
               Shares contain a legend evidencing that the Shares have not been registered
               under the Act or any state securities laws and may only be sold or transferred
               pursuant to an effective registration statement or exemption from registration. 


               



          	 	4. 	
               The Shares are being acquired by the undersigned for its own account and there
               is no present arrangement or agreement for the sale, pledge or hypothecation of
               the Shares to any other person or firm. 


               



          	 	5. 	
               In the event that the undersigned at any time contemplates the disposition of
               the Shares, it will comply with all applicable requirements of State and
               Federal securities laws which, in the opinion of the Company’s legal
               counsel, must be satisfied prior to the making of such disposition. The
               undersigned will not sell, hypothecate, or otherwise transfer or dispose of any
               or all of the Shares unless (a) the Shares have been registered under the Act,
               or (b) the undersigned delivers to the Company, by an attorney satisfactory to
               the Company’s legal counsel, a written opinion to the effect that an
               exemption from registration under the Act is available with respect to such
               disposition, or (c) the sale shall be governed by the provisions of Rule 144 or
               any other rule promulgated by the SEC under the Act, in a manner satisfactory to
               the Company’s legal counsel. 


               



          	 	6. 	
               The Shares covered by the above covenants, warranties and representations shall
               also include any securities into which the above securities may become
               converted, subdivided, or split up, in connection with a merger,
               reclassification, recapitalization or reorganization of the Company. 


               



          	 	7. 	
               The undersigned represents that it is an Accredited Investor as that term is
               defined in Regulation D promulgated under the Securities Act of 1933, as amended
               (the “Act”). In general, an “Accredited Investor” is an (i)
               institution with assets in excess of $5,000,000; (ii) individual with net worth
               in excess of $1,000,000; (iii) individual with annual income exceeding $200,000
               or $300,000 jointly with their spouse in each of the two most recent years and
               has a reasonable expectation of reaching the same income level in this current
               fiscal year; or (iv) all of its equity owner satisfy (ii) or (iii). 


               



          	 	8. 	
               The undersigned represents that it (i) has adequate means of providing for its
               current financial needs and possible contingencies, and has no need for
               liquidity of investment in the Company; (ii) can afford (a) to hold unregistered
               securities for an indefinite period of time and (b) sustain a complete loss of
               the entire amount of the Shares; and (iii) has not made an overall commitment to
               investments which are not readily marketable which is disproportionate so as to
               cause such overall commitment to become excessive. 


               



          	 	9. 	
               The undersigned shall be granted piggyback registration rights for the Shares,
               on a registration statement filed by the Company on an appropriate form and
               subject to an underwriter’s out provision. 


               



          	 	10. 	
               Any and all certificates representing the Shares, and any and all securities
               issued in replacement thereof or in exchange therefore, shall bear the following
               or comparable legend, which the undersigned has read and understands: 


               



	 	
The
Shares represented by this Certificate have not been registered under the Securities Act
of  1933 (the “Act”). The Shares have been acquired for investment and
may not be sold or  transferred in the absence of an effective Registration
Statement for the Shares under the Act  unless in the opinion of counsel
satisfactory to the Company, registration is not required  under the Act. 












	Dated:  January 1, 2003



                       

                       
	



__________________

Karl Gruns








Acknowledged for Ener1,
Inc: 





__________________
Larry L. Light
President
and CEO