ENER Accretion Acquisition Corporation

ROCHESTER HILLS, Mich., March 27 /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 Zhejiang Kan Battery Co., Ltd. (Zhejiang Kan) of the People's Republic of China. Under the consumer battery license grant, Zhejiang Kan has a royalty-bearing, nonexclusive right to make, use and sell NiMH batteries for consumer, nonpropulsion applications. "We are pleased to announce the addition of Zhejiang Kan as an Ovonic licensee," said Stanford R. Ovshinsky, ECD Ovonics President and Chief Scientist and Technologist and CEO of Ovonic Battery. "Our strategy of licensing our consumer NiMH battery technology in the People's Republic of China reflects the rapid growth of the Chinese battery market. Zhejiang Kan's decision to become an authorized supplier of NiMH batteries results from our strong patent position and Zhejiang Kan's desire for access to advanced 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. The Company's portfolio of alternative energy solutions includes Ovonic thin-film amorphous solar cells, modules, panels and systems for generating solar electric power; Ovonic NiMH batteries; Ovonic hydride storage materials capable of storing hydrogen in the solid state for use as a feedstock for fuel cells or internal combustion engines or as an enhancement or replacement for any type of hydrocarbon fuel; and Ovonic fuel cell technology. ECD Ovonics' proprietary advanced information technologies include Ovonic phase-change electrical memory, Ovonic phase-change optical memory and the Ovonic Threshold Switch. 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. ECD Ovonics holds the basic patents in its fields. More information on ECD Ovonics is available at http://www.ovonic.com/ . About Zhejiang Kan Zhejiang Kan was founded in 1993 and is technically affiliated with Zhejiang University. Zhejiang Kan's factory is located in Suichang, Zhejiang and its marketing office is in Hong Kong. Zhejiang Kan's website is http://www.kanbattery.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. The risk factors identified in the ECD Ovonics filings with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and the Company's most recent Quarterly Report on Form 10-Q (copies of which may be obtained at the Company's website at http://www.ovonic.com/ ), could impact any forward-looking statements contained in this release. DATASOURCE: Energy Conversion Devices, Inc. CONTACT: Ghazaleh Koefod of Energy Conversion Devices, Inc., +1-248-293-0440 Web site: http://www.ovonic.com/ http://www.kanbattery.com/

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