Electric Vehicle Division News

Electric Fuel Retains Former Chicago Transit Executive
as US Electric Bus Consultant

David Hillock, formerly Vice President of Bus Operations for the Chicago Transit Authority, will coordinate US Commercialization Efforts

August 15, 2002 — Electric Fuel Corporation (NasdaqNM: EFCX), the world's leading zinc-air fuel cell company, announced today that it has retained David Hillock as a consultant to aid its US all-electric bus Commercialization efforts.

Mr. Hillock has served with the Chicago Transit Authority since 1984, most recently as the Vice President of Bus Operations. His responsibilities included managing a 2,000 bus fleet, 5,000 employees, maintenance, engineering and technical services within the Chicago Transit Authority. Mr. Hillock also served as the Chairman of the American Public Transit Association Bus Operations Committee, and the American Public Transit Association Subcommittee on Advanced Technology in Transit.

Electric Fuel's zinc-air electric bus is the nation's first practical zero-emission transit bus to provide enough energy to power a full-sized city bus for a full day's driving on a single refueling. The bus, developed with support from the Federal Transit Administration (FTA) and the BIRD Foundation, has been extensively track-tested as part of an ongoing FTA demonstration and evaluation program.

Electric Fuel President and CEO Yehuda Harats commented, "Dave Hillock brings us invaluable experience in the US transit market. We will work closely with him, with our goal being a contract for hundreds of Electric Fuel powered buses."

About Electric Fuel

With corporate and sales offices in New York and London, England, and manufacturing and R&D facilities in Israel and Alabama, Electric Fuel Corporation is a world leader in primary and refuelable Zinc-Air fuel cell technology, pioneering advancements in consumer electronics, electric vehicles, and defense and safety products. Electric Fuel's INSTANT POWER(TM) batteries and chargers are based on the Company's patented, cutting-edge Zinc- Air fuel cell technology, and are on sale at retail outlets throughout the United States, Canada, Europe and Israel. For more information on Electric Fuel, please visit our web site at http://www.electric-fuel.com, or find out more about our consumer products at http://www.instant-power.com .

Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary significantly. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Electric Fuel's products; market acceptance of new products and continuing product demand; the ability to manage growth and ramp-up production effectively as needed; the impact of competitive products and pricing on Electric Fuel's products and markets; changing economic conditions; delay, cancellation or non-renewal of purchase orders; significant future capital requirements; and other risk factors detailed in Electric Fuel's most recent annual report on Form 10-K for the fiscal year ended December 31, 2001, and other filings with the Securities and Exchange Commission. Electric Fuel assumes no obligation to update the information in this release. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.