ENER Accretion Acquisition Corporation

ROCHESTER HILLS, Mich., Oct. 12 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD Ovonics) (NASDAQ:ENER) announced today that its subsidiary, Ovonic Battery Company, Inc., has been awarded a $900,000 contract by Xcel Energy, Inc. to develop its Ovonic proprietary Biofuel Reformation technology. The two-year, cost-shared technology development contract will support Ovonic Battery's research and development of a new process for reforming renewable fuels, such as bioethanol and biomethanol, to produce hydrogen for the production of clean energy. In this fundamentally new approach patented by ECD Ovonics, the temperature of reforming biofuels into hydrogen gas has been dramatically reduced. The reforming process can thereby become potentially simpler and cheaper, both in operating cost and capital investment. The program will transfer this process from research to pilot level, examining the commercialization feasibility from both a technical and an economic perspective. ECD Ovonics' process has the potential to be environmentally superior by avoiding the generation of CO2, a greenhouse gas which contributes to global warming. Biofuel reformation is an important component of the emerging hydrogen economy, with a strategic benefit of reducing our nation's dependence on imported oil. Stanford R. Ovshinsky, president and chief scientist and technologist of ECD Ovonics, stated, "Ovonic technology has gained significant inroads in the global marketplace as evidenced by our NiMH batteries used in hybrid electric vehicles and our thin-film triple-junction amorphous solar products. This program is yet another example of our strong intellectual property and allows us to further develop our hydrogen production technology using our expertise in catalysts directed to biofuel reformation." Michelle Swanson, Manager of Policy Analysis of Xcel Energy commented, "Xcel is pleased to be working with ECD Ovonics to study the feasibility for large scale hydrogen generation for the production of clean energy utilizing Ovonic technology." 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 and information 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 Xcel Energy Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in 10 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.3 million electricity customers and 1.8 million natural gas customers through its regulated operating companies. In terms of customers, it is the fourth largest combination natural gas and electricity company in the nation. Company headquarters are located in Minneapolis. More information on Xcel Energy is available at http://www.xcelenergy.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, +1-248-293-0440, , or Media Contact: Dick Thompson, +1-248-299-6053, , both of Energy Conversion Devices, Inc. Web site: http://www.ovonic.com/ http://www.xcelenergy.com/

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