ENER Accretion Acquisition Corporation

ROCHESTER HILLS, Mich., Aug. 17 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD Ovonics) (NASDAQ:ENER) announced today that its subsidiary, Ovonic Battery Company, Inc. (Ovonic Battery), has entered into a patent license agreement in connection with its proprietary nickel metal hydride (NiMH) battery technology with Intellect Battery Co. Ltd. (Intellect) of the People's Republic of China. Under the consumer battery license grant, Intellect has a royalty-bearing, nonexclusive right to make, use and sell NiMH batteries for consumer, nonpropulsion applications. In a joint statement, Robert C. Stempel, Chairman and CEO of ECD Ovonics and Chairman of Ovonic Battery, and Stanford R. Ovshinsky, President and CTO of ECD Ovonics and CEO of Ovonic Battery, said, "We are pleased to welcome Intellect to the growing number of our Chinese licensees to manufacture consumer NiMH batteries. We are continuing with our strategy to license battery manufacturers within the quickly growing Chinese NiMH battery market. We look forward to a long-lasting relationship with Intellect Battery." About ECD Ovonics ECD Ovonics is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has invented, pioneered and developed its proprietary enabling technologies in the fields of energy (including Ovonic NiMH batteries and Ovonic thin-film continuous-web amorphous solar cells, modules, panels and systems for generating solar electric power; Ovonic hydride storage materials capable of storing hydrogen in the solid state; Ovonic metal hydride fuel cell technology) and information (Ovonic phase-change electrical and optical memories and the Ovonic Threshold Switch) leading to new products and production processes based on amorphous, disordered and related materials. ECD Ovonics designs and builds manufacturing machinery that incorporates its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. More information on ECD Ovonics is available at http://www.ovonic.com/ . About Intellect Intellect was founded in 1998 and its factory is located in Guangdong, PRC. It produces a wide range of NiMH products, with particular focus in radio-controlled toys. Intellect's sales office is located in Hong Kong. Intellect has approximately 300 employees. Intellect's website address is http://intellect-battery.com/ . This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD Ovonics, as of the date of this release, believes to be reasonable and appropriate. ECD Ovonics cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based. DATASOURCE: Energy Conversion Devices, Inc. CONTACT: Ghazaleh Koefod, Investor Relations of Energy Conversion Devices, Inc., +1-248-293-0440 Web site: http://www.ovonic.com/ http://intellect-battery.com/

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