Exhibit 31.2

CHIEF FINANCIAL OFFICER
CERTIFICATION

I, Randall Paulfus, Chief Financial
Officer of Ener1, Inc., certify that:

| | 1. | I
have reviewed this Annual Report on Form 10-KSB/A of Ener1, Inc. ;
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| | 2. | Based
on my knowledge, this Annual Report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to
the period covered by this report;
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| | 3. | Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the small business issuer as of, and for, the periods
presented in this report;
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| | 4. | The
small business issuer other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) for the small business issuer and have:
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| | a) | designed
such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the small business issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which this
report is being prepared;
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| | b) | the
effectiveness of the small business issuers disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures as of the end of the period covered by this report; and
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| | c) | disclosed
in this report any change in the small business issuers internal control over
financial reporting that occurred during the small business issuers fourth fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the
small business issuers internal control over financial reporting; and
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| | 5. | The
small business issuers other certifying officer and I have disclosed, based on our
most recent evaluation of internal control over financial reporting, to the small
business issuers auditors and the audit committee of small business issuers
board of directors (or persons performing the equivalent functions):
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| | a) | all
significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely effect the
small business issuers ability to record, process, summarize and report financial
information; and
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| | b) | any
fraud, whether or not material, that involves management or other employees who have a
significant role in the small business issuers internal control over financial
reporting.
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|Date: May 13, 2004 | /s/ Randall Paulfus
Randall Paulfus
Chief Financial Officer
(Principal Financial and Accounting Officer)