| | AGREEMENT OF PLEDGE OF A PATENT
 Saint-Petersburg              ________________, 2002
 Saint  -  Petersburg  commercial  bank  "Tavrichesky"
 (open  joint-stock  company),  a legal  entity  under
 legislation  of the Russian  Federation,  hereinafter
 referred to as "the Plegee",  represented  by Head of
 the Credit  Department  Skaruk  Vladimir  Pavlovitch,
 acting on the basis of the  Power of  Attorney  No 54
 of November 23, 2000, on the one hand, and
 "ENER1  USD  INCORPORATED",   a  legal  entity  under
 legislation   of  the  United   States  of   America,
 hereinafter    referred   to   as   "the    Pledger",
 represented by Director of the Corporation  Mike Zoi,
 acting  on the  basis of the  Charter,  on the  other
 hand,   have  concluded  the  present   Agreement  as
 follows:
                1. SUBJECT OF THE AGREEMENT
 1.1 The  Pledger  leaves a pledge with the Pledgee as
 a guarantee of the credit  repayment under the Credit
 Agreement No. 45/KB-2002 of August 20, 2002
 1.2.  The  subject  of the  pledge is the  patent No.
 PCT  45293A.  Issue date:  March 15,  2002,  International
 PCT Application:  No.-DNO/UA02/00043,  Priority date:
 December 11, 2001
 hereinafter  called  as "the  Subject  of  Pledge")
 for  Measurement  Method of an Ionic  Conductivity of
 Solid Electrolytes.
 1.3.  The  appraisal  of the subject of pledge  makes
 1,200,000.00   (One  million  two  hundred  thousand)
 roubles.
               2. RIGHTS AND OBLIGATION OF THE PARTIES
 2.1. The Pledger undertakes:
  o        Not to repawn the pledged  Subject of pledge
           under the present Agreement;
  o        Not to carry out  actions  that might  cause
           reducing  of sum  that  is due to be paid to
           the Plegee;
  o        To change the  subject of pledge only on the
           consent of the Plegee.
  2.2  The  Pledger  is   responsible   for  inadequate
  execution of obligations  under the present Agreement
  in compliance with the current legislation.
  2.3. In case of the  infringement  of clause 2.1. the
  Pledger  is to  pay  the  penalty  at a  rate  of 0,1
  (point  one)  percent  charged  on  the  sum  of  the
  indebtedness  per every day of delay.  Payment of the
  penalty  and  refund of losses in case of  default of
  obligations  stipulated in clause 2.1. of the present
  Agreement,   do  not  free  the   Pledger   from  the
  fulfillment  of his  obligations  under  the  present
  Agreement.
  2.4.  The  Pledger  confirms  that the subject of the
  Agreement is free from pledge (other  obligations) in
  respect of other  creditors,  is not under arrest and
  it is not the subject of dispute.
  2.5. The Plegee has the right:
 o        To claim in the arbitration  court rights to
          the  Subject  of pledge  under  the  present
          Credit  Agreement  No.  45/KB-2002 of August
          20, 2002 in case of full or partial  default
          (inadequate   execution)  of  the  Pledger's
          obligations  independently  of the  approach
          of  the  terms  of  obligations  fulfillment
          under the Agreement guaranteed by a pledge;
  o       To claim to the pledge without  appealing to
          the  juridical  bodies  in case  of  default
          (inadequate  execution)  of  the  Borrower's
          obligations  under the Credit  Agreement No.
          45/KB-2002 of August 20, 2002 (clause 1).
                   3. VALIDITY OF THE AGREEMENT
 3.1.  The present  Agreement  comes in force from the
 date of its  signing  and is valid till the  complete
 fulfillment of the Borrower of his obligations  under
 the Credit  Agreement  No.  45/KB-2002  of August 20,
 2002.
 3.2.  Change and  termination of the Agreement  ahead
 of  schedule  is  possible  under the  consent of the
 Parties.
                           4. SETTLEMENT OF DISPUTES
 4.1.  The Pledgee  has the right to get  compensation
 by means of the  pledged  assets in the  indisputable
 order in cases  and in the  order  stipulated  by the
 present Agreement and the current  legislation of the
 Russian Federation.
 4.2.  The dispute  arisen  between the Parties  under
 the present  Agreement  is subject to the  settlement
 judicially  according to the current  legislation  of
 the  Russian  Federation.  The  presence  of  dispute
 between the Parties is  testified  by the  following:
 suing,  official  direction  of the claim and written
 refusal of one of the Parties  from the  execution of
 its obligations under the present Agreement.
                     5. GOVERNING LAW
 5.1.  In  all  the  questions  not  arranged  by  the
 present Agreement,  the Parties will be guided by the
 legislation    of   the   Russian    Federation   and
 corresponding international agreements.
                 6. SPECIAL CONDITIONS
 6.1.  All  amendments  and  additions  to the present
 Agreement  are  valid  only  in  the  case  they  are
 concluded  in the writing  form and are signed by the
 persons authorized to that by two Parties.
 6.2.  In case of one of the  Parties  changes its the
 location,  post or bank  details,  it is  obliged  to
 inform the other Party of it immediately.
 6.3.  The  present  Agreement  is  made  in  2  (two)
 copies,   one  for  each  of  the   Parties,   having
 identical force.
 6.4.  The present  Agreement  is an integral  part of
 the  Credit  Agreement  No.45/KB-2002  of August  20,
 2002.
                7. DETAILS OF THE PARTIES
 The Plegee:
 Saint - Petesburg commercial bank "Tavrichesky"
 (open joint-stock company)
 Address: 39, Radischeva street, Saint- Petersburg,
 Russia, 191123
 Corr. Account: 30101810700000000877in CRKC GU CB RF
 in Saint-Petersburg,
 BIC 044030877
 INN 7831000108
 The Pledger:
 ENER1 USA INCORPORATED
 550,  W.   Cypress   Creek  Road,   Suite  120,   Ft.
 Lauderdale Florida, 33309
 INN 00006
 KPP 783585001
 Account    No     40807840800000002601     in    bank
 "Tavrichesky" (open joint-stock company)
              8. SIGNATURES OF THE PARTIES
  Caeiaiaaoaeu/The Pledger:
 ENER1 USA INCORPORATED
 Aeoaeoio eioiioaoee/
 Director of the Corporation
__________________________________Iaee Cie
                                   
                              
             Mr. Mike Zoi
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