Cobasys to Explore Alternatives to Support Growth Strategy
15 3월 2007 - 6:00AM
PR Newswire (US)
ORION, Mich., March 14 /PRNewswire-FirstCall/ -- Cobasys LLC
announced today that its owners, Energy Conversion Devices, Inc.
(ECD Ovonics) (NASDAQ:ENER), through its affiliate Ovonic Battery
Company, Inc. (OBC), and Chevron Technology Ventures LLC (CTV), a
subsidiary of Chevron Corporation (NYSE:CVX), have agreed to
explore strategic alternatives for Cobasys. Cobasys expects that
this will enable it to further capitalize on global opportunities
for integrated energy storage solutions in the rapidly growing
hybrid electric vehicle and stationary power industries. Cobasys
has already been awarded contracts to supply the battery and
control systems for eight major hybrid electric vehicle (HEV)
production and/or development programs. These include providing
battery systems and controls for the Saturn Aura and the Saturn Vue
Green Line, the recently announced Chevrolet Malibu hybrid and a
contract to develop lithium battery systems for the new General
Motors plug-in hybrid (PHEV) development program. "We're honored to
have been selected as the supplier for the majority of North
American and European OEM hybrid battery system programs awarded
over the last two years. We are now well positioned to capitalize
on future opportunities with these and other customers and to take
the next logical step in our growth strategy," said Thomas S.
Neslage, President and Chief Executive Officer of Cobasys. ECD
Ovonics and CTV have engaged financial advisors to assist in the
process. ECD Ovonics will be represented by UBS Investment Bank and
CTV will be represented by Goldman, Sachs & Co. The parties are
not disclosing the timing or the alternatives under consideration.
About Cobasys Cobasys designs, manufactures and integrates advanced
battery system solutions for transportation markets, including
Hybrid Electric Vehicles (HEV), Electric Vehicles (EV) and 36/42
Volt applications and to stationary markets, including Back-Up
power supply systems for Uninterruptible Power Supply (UPS),
Telecom and Distributed Generation markets. Cobasys is a joint
venture between Chevron Technology Ventures LLC, (CTV) a subsidiary
of Chevron Corporation (NYSE:CVX) and Energy Conversion Devices,
Inc. (NASDAQ:ENER). For more information about Cobasys, contact Ray
Wagner at 248-620-5700 or visit their website at
http://www.cobasys.com/. DATASOURCE: Cobasys Contact: Ray Wagner of
Cobasys, +1-248-620-5700 Web site: http://www.cobasys.com/
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