Energy Conversion Devices to Divest Ovonic Battery Company
19 7월 2011 - 8:00PM
Energy Conversion Devices, Inc. (ECD) (Nasdaq:ENER), a leading
global manufacturer of thin-film flexible solar laminate products
and systems for the building-integrated and commercial rooftop
markets, today announced that it is initiating a process to divest
its Ovonic Battery Company (OBC) subsidiary.
OBC's principal activities are licensing its advanced battery
technologies (including nickel-metal-hydride ("NiMH") and
lithium-ion technologies), participating in joint development
programs to support application of these technologies, and
manufacturing mixed-metal hydroxide cathode materials for sale to
its licensees for use in battery production. OBC invented the NiMH
rechargeable battery technology that is used globally in most
hybrid-electric vehicles, and in many consumer and commercial
rechargeable batteries.
OBC has demonstrated great value through sustainable
profitability, a strong and growing royalty and license-fee revenue
stream, and high-potential growth opportunities. Through its
innovative R&D activities, OBC has advanced the
state-of-the-art of cathode materials for lithium-ion batteries,
and has an established patent position and world-class
manufacturing capability for its proprietary nickel hydroxide
cathode materials. OBC is also developing a new technology, the
Proton-ion battery, with higher energy density and lower cost than
today's battery technologies.
"ECD's Ovonic Battery Company is a pioneer in developing
advanced battery technologies for consumer, stationary and vehicle
applications, and enjoys tremendous success licensing its
technologies worldwide. Given ECD's focus on its solar business, we
have elected to seek a buyer that will leverage Ovonic Battery
Company's substantial technology portfolio and provide it with a
platform for expanding the commercialization and licensing of its
advanced battery technologies," said Jay Knoll, Interim President
of ECD.
For more information on the sale process, please direct
inquiries to André A. Augier of Quarton Partners at +1 (248)
594-0400.
About Energy Conversion Devices
Energy Conversion Devices (ECD) (Nasdaq:ENER) is a global leader
in building-integrated and rooftop photovoltaics. The company
manufactures, sells and installs thin-film solar laminates that
convert sunlight to energy using proprietary technology. ECD's
UNI-SOLAR® brand products are unique because of their flexibility,
light weight, ease of installation, durability, and real-world
efficiency. The company also designs, manufactures and installs
rooftop photovoltaic systems, which enable customers to transform
unused rooftop space into a value-generating asset. ECD's Ovonic
Materials Division includes the Ovonic Battery Company and other
emerging energy storage technologies. ECD's Ovonyx joint venture is
the inventor and worldwide licensor of phase change memory (PCM)
technology. For more information, please visit
energyconversiondevices.com on the web and on Facebook and follow
ECD on Twitter @ECD_ENER.
CONTACT: Energy Conversion Devices, Inc.
Michael E. Schostak
Head of Corporate Development & Communications
+1 (248) 299-6063
investor.relations@energyconversiondevices.com
Quarton Partners, LLC
Andre A. Augier
Managing Director
+1 (248) 594-0400
aaugier@quartonpartners.com
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