Energy Infrastructure Acquisition Corp. Announces Termination of Share Purchase Agreement With Vanship Holdings; Intention to File Proxy for Dissolution and Liquidation

Energy Infrastructure Acquisition Corp. (AMEX: EII) (AMEX: EIIW) ("Energy Infrastructure" or the "Company") today announced that as a result of the failure by the Company and Vanship Holdings Limited to agree on revised transaction terms, the Company's wholly-owned subsidiary, Energy Infrastructure Merger Corporation ("Energy Merger"), was not able to complete its Registration Statement on Form F-4 and the Company was unable to timely distribute its proxy statement to the Company's stockholders in advance of the planned Special Meeting of Stockholders, resulting in cancellation of the Special Meeting. The parties are considering termination of the Share Purchase Agreement among the Company, Energy Merger and Vanship Holdings, pursuant to which Energy Merger was to acquire nine companies from Vanship.

Pursuant to the terms of its certificate of incorporation, if the Company has not completed a business combination by July 21, 2008, the Company's directors and officers will take all action necessary to dissolve the Company and liquidate the trust fund, which contains the proceeds of the Company's initial public offering. Accordingly, the Company will shortly begin the process of liquidating and dissolving itself in accordance with its certificate of incorporation and applicable law. The Company plans to set a date for a Special Meeting of Stockholders to vote on its plan of dissolution and liquidation and prepare a proxy statement for distribution to stockholders in connection with the matters to be voted on at the Special Meeting. The Company will notify stockholders of the date of the Special Meeting when it has been set by the Company's Board of Directors.

About Energy Infrastructure

Energy Infrastructure is a blank check company that was formed for the specific purpose of consummating a business combination. Energy Infrastructure raised net proceeds of approximately $209.3 million, after partial exercise of the underwriter's over-allotment option, through its initial public offering consummated in July 2006.

Additional Information about the Dissolution and Liquidation and Where to Find It

In connection with the Company's proposed dissolution and liquidation, Energy Infrastructure intends to file a proxy statement with the Securities and Exchange Commission. THE COMPANY IS NOT NOW REQUESTING ANY PROXY. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. The final Proxy Statement will be mailed to stockholders of Energy Infrastructure. Energy Infrastructure stockholders may also obtain the Proxy Statement and any other relevant filed documents for free at the SEC's website (www.sec.gov). These documents can also be obtained for free from Energy Infrastructure Acquisition Corp. by directing a request to: Energy Infrastructure Acquisition Corp., Suite 1300, 1105 North Market Street, Wilmington, Delaware, 19899.