Electric Fuel's Armoring Subsidiary Awarded $400,000 Contract from Regional Municipality; Backlog of Orders Now Totals $2.4 Million.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 21, 2002

Electric Fuel Corporation (NasdaqNM: EFCX), a leader in defense and security products for the military and homeland security, announced today that it was awarded a $400,000 vehicle armoring contract.

This contract broadens the Company's vehicle armoring customer base, which now includes a number of foreign municipalities. In keeping with sensitivity issues surrounding the order, the Company is not at liberty to disclose the name of the municipality. As a result of this order, MDT's current backlog of orders now totals $2.4 million.

MDT Protective Industries, a wholly-owned vehicle armoring subsidiary of Electric Fuel Corporation, is a leader in state-of the art, lightweight armoring of vehicles. MDT armors vehicles ranging from light tactical to passenger vehicles. MDT's vehicle armoring business has years of battlefield experience and has provided life-saving protection under the most extreme conditions, which include assault rifles and bomb blasts. With two production lines, MDT has the capacity to armor a significant number of vehicles with a short lead-time.

"As the demand for our vehicle armoring technology increases our backlog of orders, we continue to gain market share," commented Electric Fuel President, CEO and Chairman of the Board Robert S. Ehrlich. "Today, our customer roster has grown significantly since the Company's acquisition of MDT Protective Industries. The division is poised to become a leader in the business sector and contribute significantly to the Company's gross revenues."

About Electric Fuel

Electric Fuel Corporation (www.electric-fuel.com) is a world leader in primary and refuelable zinc-air fuel cell technology, pioneering advancements in battery technology for defense and security products, military applications and electric vehicles. Electric Fuel develops, manufactures and markets advanced high-tech multimedia and interactive digital solutions for the training of military, law enforcement and security personnel; and state of the art lightweight materials and engineering processes to armor vehicles.

Electric Fuel has corporate and sales offices in New York and London with research, development and production subsidiaries in Alabama, Colorado and Israel.

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; changing economic conditions; delay, cancellation or non-renewal of purchase orders; significant future capital requirements; the Company's ability to quickly and smoothly execute the change in leadership as a result of its former CEO's resignation; 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, Electric Fuel's most recent Quarterly Report on Form 10-Q, 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.