ECD Announces Expansion of NiMH Battery License to Cobasys and Restructuring of Relationship with ChevronTexaco Technology Ventu
03 12월 2004 - 10:47PM
PR Newswire (US)
ECD Announces Expansion of NiMH Battery License to Cobasys and
Restructuring of Relationship with ChevronTexaco Technology
Ventures ROCHESTER HILLS, Mich., Dec. 3 /PRNewswire-FirstCall/ --
Energy Conversion Devices, Inc. (ECD Ovonics) (NASDAQ:ENER)
announced today that, as part of its focus on its core businesses,
it is entering into a series of agreements with ChevronTexaco
Technology Ventures LLC (CTTV), a subsidiary of ChevronTexaco
Corporation (ChevronTexaco) (NYSE:CVX), and Cobasys LLC (Cobasys),
the 50-50 Ovonic nickel metal hydride (NiMH) battery manufacturing
joint venture between CTTV and Ovonic Battery Company, Inc. (Ovonic
Battery), a subsidiary of ECD Ovonics, to expand the scope of
licenses granted to Cobasys at the time of the formation of the
joint venture in July 2001. In consideration of the expanded
license, revised joint venture agreements and the collateralization
of certain obligations, ECD Ovonics, through its subsidiary Ovonic
Battery, will receive an option to purchase the 4,376,633 shares of
ECD common stock currently owned by a subsidiary of ChevronTexaco.
The option is exercisable at $4.55 per share and expires on
November 1, 2005. In addition, CTTV will transfer to ECD its
interest in Texaco Ovonic Hydrogen Systems LLC (TOHS) in
consideration of relieving CTTV of any continuing obligations to
fund TOHS. The transaction will increase ECD Ovonics' operating
income in the quarter ended December 31, 2004 by approximately $77
million as a result of this one-time, non-cash event. The 4,376,633
shares of ECD common stock subject to the option represent
approximately 17% of the currently issued and outstanding shares.
ECD Ovonics believes that the option arrangement will provide it
with value and added flexibility in its activities to secure
additional capital required for its future growth. The agreement
also provides a mechanism for additional funding from CTTV to
continue Cobasys' expansion. CTTV will be entitled to a priority
right of repayment for providing the additional funding. ECD
Ovonics and CTTV will each continue to own a 50 percent interest in
Cobasys, subject to adjustment under certain circumstances. Cobasys
presently develops, manufactures and markets advanced Ovonic NiMH
battery systems for transportation, telecommunication and
uninterruptible power supply applications. One objective of the
agreements is the expansion of the Ovonic Battery license to
Cobasys to provide an opportunity for Cobasys to take advantage of
the growing interest in NiMH batteries and enable it to address a
full range of battery opportunities for military, homeland
security, load leveling, stationary power and other prismatic
battery applications. Robert Stempel, Chairman and CEO of ECD
Ovonics, said, "This agreement provides Cobasys with the technology
rights and a means for additional financial resources to capitalize
on the significant commercial opportunities for its proprietary
battery solution systems in a wide range of markets." Thomas
Neslage, President and CEO of Cobasys, commented, "This agreement
is an important next step in our pursuit of becoming a world-class
NiMH energy solutions company to meet the needs of our customers."
The hydrogen business unit will be renamed Ovonic Hydrogen Systems
LLC. It will focus on continuing to commercialize small portable
metal hydride storage systems that have current and near-term
market applications while continuing to develop and commercialize
ECD Ovonics' proprietary reversible solid metal hydride-based
low-pressure hydrogen storage systems for longer term stationary,
transportation and infrastructure applications. ECD will hold a
conference call on Monday, December 6, 2004, at 11:00 a.m. (Eastern
Time) to review and discuss the expansion of the Ovonic NiMH
battery license to Cobasys and restructuring of the relationship
with ChevronTexaco Technology Ventures. Individuals wishing to
participate in the conference should call (877) 858-2512 or (706)
634-1291. A live webcast of the conference call will be available
online at http://www.ovonic.com/investor or through the Company's
web site at http://www.ovonic.com/ . A replay of the call will be
available through December 8, 2004, until 3:00 p.m. ET, at (800)
642-1687 or (706) 645-9291. Callers should use conference ID #
2647447 to access the conference call and the replay. 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'
proprietary advanced information technologies include Ovonic
phase-change electrical memory, Ovonic phase-change optical memory
and the Ovonic Threshold Switch. The Company's portfolio of
alternative energy solutions includes Ovonic thin-film
continuous-web 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
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 on http://www.ovonic.com/ . DATASOURCE: Energy Conversion
Devices, Inc. CONTACT: Ghazaleh Koefod, Investor Relations, or Dick
Thompson, Media Relations, of Energy Conversion Devices, Inc.,
+1-248-293-0440; or Bruce MacDonald of Liebler!MacDonald,
+1-248-283-1039 Web site: http://www.ovonic.com/
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