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Electro Energy Inc. Reports First Quarter 2006 Results

17 May 2006

Electro Energy Inc. (Nasdaq: EEEI), a leading provider of advanced battery technologies and associated systems, filed its Form 10-QSB setting forth its financial results for the three months ended March 31, 2006. Consolidated net revenue for the quarter was $1,096,560 compared with $1,050,314 for the same quarter in 2005, an increase of $46,246, or 4.4%. Net loss for the quarter was $760,208 or $0.05 per share (basic and diluted), compared to net loss of $1,004,298 or $0.08 per share (basic and diluted) for the same quarter in 2005. The complete filing is available at http://www.sec.gov.

Audra J. Mace, CFO of Electro Energy, said, "We saw improvement in net revenue and gross margin primarily resulting from a rebound under our supply agreement with EaglePicher Technologies, LLC, whose parent company filed its plan of reorganization earlier this year. This is a development we've predicted and which we expect will continue into the first half of 2006. Despite a $.02 per share charge for non-cash share based compensation resulting from the adoption of FAS123(R), we reduced general and administrative expenses improving the bottom line."

Martin G. Klein, Chairman & CEO of Electro Energy, added, "In April 2006, the Company took a major step toward fulfilling our commercialization plans for high-volume manufacturing when we closed on the purchase of significant manufacturing assets near Gainesville, Florida. Concurrently, we finalized a private placement of $11 million with a small group of institutional investors, with Jefferies & Company Inc. acting as the sole placement agent. EEEI is now positioned to become a major domestic manufacturer of batteries for defense, industrial and commercial applications, including hybrid electric vehicles, plug-in hybrid electric vehicles, power tools, electric scooters, other mobile products and electric utility energy storage."

Other highlights for Q1 and the first half of fiscal year 2006 included the following:

* Most recently, in May 2006, Sanyo Energy selected Electro Energy Inc. as

exclusive distributor of Sanyo batteries to the U.S. aerospace industry.

* In March 2006, Altair Nanotechnologies partnered with Electro Energy to

develop and manufacture new generation, high-power lithium ion

batteries, targeting portable devices and hand-held power tool markets.

* Also in March, Electro Energy's COO Michael Reed presented EEEI's

business development and financial information to an audience of 1,500

investment bankers, fund managers, brokers, research analysts, and high

net worth investors at the ValueRich Small-Cap Financial Expo in Miami,

Florida.

* In February, Electro Energy was among the first 12 companies selected

for listing in the Distributed Energy Stock Index (DESI), a new stock

index of companies focused on alternative fuels and fuel cells.

* Also in February, EEEI co-sponsored and Mr. Reed chaired a two-day

conference on Military Energy Alternatives, held in Arlington, Virginia.

Mr. Reed also presented highlights of EEEI's energy solutions in a

seminar titled "Advanced Power Alternatives for Tactical and Auxiliary

DoD Applications. Other sponsors were California Motors, Valence

Technology, Inc., ECD Ovonics, Defense Daily and Aerospace & Defense

Network.

* In February, EEEI was named one of the top 50 small businesses in

Connecticut with a multi-cultural workforce.

* In January, Congress funded $1.0 million from the 2006 U.S. Army budget

to support development and demonstration of EEEI's bipolar lithium ion

battery for communication applications at the Company's Colorado Springs

facility.

About Electro Energy Inc.

Electro Energy Inc. (Nasdaq: EEEI), headquartered in Danbury, Connecticut, was founded in 1992 to develop, manufacture and commercialize high-powered, rechargeable bipolar nickel-metal hydride batteries for use in a wide range of applications. Its Colorado Springs operation supplies aerospace-grade high quality nickel cadmium batteries and components for satellites, aircraft and other specialty applications. EEEI is also developing high power lithium rechargeable batteries utilizing the Company's proprietary design. EEEI has recently acquired significant manufacturing assets near Gainesville, Fla., to accelerate commercialization of its battery technology. For further information, please visit http://www.electroenergyinc.com.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward- looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Electro Energy Inc.'s Securities and Exchange Commission filings available at http://www.sec.gov.

Pursuant to a December 1, 2004 agreement, Consulting For Strategic Growth I, Ltd. ("CFSG1") provides Electro Energy with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG1 receives a fixed monthly fee for the duration of the agreement. Independent of CFSG1's receipt of cash compensation from Electro Energy, CFSG1 may choose to purchase the common stock of Electro Energy and thereafter sell those shares at any time it deems appropriate to do so. For more information please visit http://www.cfsg1.com.

ELECTRO ENERGY INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

For the Three Months Ended March 31, 2006 and 2005

2006 2005

NET REVENUE

Services $712,849 $933,985

Products 116,329

383,711

TOTAL NET REVENUE 1,096,560 1,050,314

COST OF REVENUE

Cost of services 838,569 989,250