ORION, Mich., July 6, 2005 -- Cobasys announced
today that they have granted additional royalty-bearing
license rights to Panasonic EV Energy (PEVE), a joint
venture between Matsushita Electric Industrial Co.,
Ltd. (MEI) and Toyota Motor Corporation. The expanded
rights will permit PEVE to solicit and sell Nickel Metal
Hydride (NiMH) battery products for certain North American
transportation applications. In return, Cobasys will
receive royalties on PEVE North American sales of NiMH
battery products through 2014.
"We believe this agreement will complement our core
business strategies, provide additional revenue, and
enhance our progress toward achieving full manufacturing
capacity at our Springboro, Ohio plant," said Thomas
S. Neslage, President and CEO of Cobasys.
Under the terms of the expanded agreement, Cobasys and
PEVE will continue to cross license each other for current
and future patents through 2014. They will also maintain
their technical cooperation to advance the state-of-the-art
NiMH battery products and continue their joint development
for the next generation of high performance NiMH battery
products for hybrid electric vehicles (HEVs). The parties
have also agreed to evaluate the feasibility of assembling
PEVE battery packs at the Cobasys Springboro, Ohio,
Cobasys designs and manufactures advanced Nickel Metal
Hydride (NiMH) battery system solutions for transportation
markets, including HEV, Electric Vehicles (EV) and 42
volt applications, in addition to Stationary Back-Up
power supply systems for Uninterruptible Power Supply
systems (UPS), Telecom and Distributed Generation requirements.
Cobasys is a joint venture between Chevron Technology
Ventures LLC, a subsidiary of Chevron Corporation (NYSE:
CVX) and Energy Conversion Devices, Inc. (NASDAQ: ENER).
For more information about Cobasys contact Ray Wagner,
Vice President of Marketing at 248-620-5765 or visit
our website at www.cobasys.com.
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