Exhibit 31.2

CHIEF EXECUTIVE OFFICER
CERTIFICATION

I, James Calarco, Interim Chief
Financial Officer and Controller of Ener1, Inc., certify that:

| | 1. | I have reviewed this Amendment No. 1 to Annual Report on Form 10-KSB/A of Ener1,
               Inc.;
| | -- | -----------------------------------------------------------------------------------------------------

| | 2. | Based on my knowledge, this Amendment No. 1 to 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;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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 Registrant and have:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | evaluated 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
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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):
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                   |                                                                                                                                                                                        
|------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Date: May __, 2005 | BY: /S/ James Calarco                               
James Calarco
Interim Chief Financial Officer, Controller
(Principal Financial and Accounting Officer and Duly
Authorized Officer)