ENER Accretion Acquisition Corporation

ROCHESTER HILLS, Mich., March 29 /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 Hunan Corun Hi-Tech Co., Ltd. (Hunan Corun) of the People's Republic of China. Under the consumer battery license grant, Hunan Corun has a royalty-bearing, nonexclusive right to make, use and sell NiMH batteries for consumer, nonpropulsion applications. "We welcome Hunan Corun to the growing number of Chinese companies who seek a license from Ovonic Battery to manufacture consumer NiMH batteries. We are continuing with our strategy to license battery manufacturers in the quickly growing Chinese NiMH battery market and look forward to a long-lasting relationship with Hunan Corun," said Stanford R. Ovshinsky, President and Chief Scientist and Technologist of ECD Ovonics and CEO of Ovonic 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 pioneered and developed enabling technologies leading to new products and production processes based on amorphous, disordered and related materials, with an emphasis on advanced information technologies and alternative energy, including photovoltaics, fuel cells, consumer hydride batteries and 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. 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. ECD Ovonics' website address is http://www.ovonic.com/ . About Hunan Corun Hunan Corun was founded in 2001 and its factory is located in the Chao Yang economic development zone in YiYang, Hunan within the PRC. Hunan Corun manufactures a wide range of NiMH products, has approximately 3,000 employees, and produces a variety of battery chemistries. Hunan Corun's website is http://www.corun.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: ECD Ovonics CONTACT: Ghazaleh Koefod of Energy Conversion Devices, Inc., +1-248-293-0440 Web site: http://www.ovonic.com/ http://www.corun.com/

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