Orion, MI, March 14, 2007Cobasys 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
Were 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.
Cobasys designs and manufactures advanced energy storage
system solutions which feature NiMH battery technology
for transportation markets, including Hybrid Electric
Vehicles (HEV), Electric Vehicles (EV) and 36/42 Volt
applications, in addition to Stationary 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, 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 our website at http://www.cobasys.com.
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