Rochester Hills, Mich., July
31, 2002 -- Texaco Ovonic Battery Systems LLC,
a 50-50 joint venture company between a unit of ChevronTexaco
Technology Ventures and Ovonic Battery Company, Inc.,
a subsidiary of Energy Conversion Devices, Inc. (NASDAQ:ENER),
announced today that it has received a $5.2 million,
two-year cost-sharing contract to continue the development
work on its proprietary liquid-cooled 12V monoblock
nickel metal hydride (NiMH) battery technology for
hybrid electric vehicles (HEV) under the sponsorship
of the Department of Energy's FreedomCar initiative.
Tom Neslage, President of Texaco
Ovonic Battery Systems, said, "We at Texaco Ovonic
Battery Systems are pleased to continue our successful
developmental program with the Department of Energy.
This important work, based upon our proprietary NiMH
battery technology, will help accelerate the commercialization
of hybrid technologies for a broad range of transportation
applications."
The new contract represents Phase
3 of a program focused on completing the development
work, which began in November 1999. In Phase 1, the
technology development focused on improvement of the
NiMH battery. Phase 2 of the development program emphasized
durability and manufacturability concepts. Phase 3
is focused on development of full HEV battery systems
meeting performance and production cost targets. The
program will culminate in the delivery of complete
25kW battery pack systems, including thermal management,
control electronics and a battery management system.
The development program currently
underway at Texaco Ovonic Battery Systems is based
on the fundamental inventions and pioneering work
in NiMH batteries by Stanford R. Ovshinsky, President
and CEO of ECD, and Ovonic Battery Company that provide
the enabling technology. In 1992, Ovonic Battery Company
was awarded the first contract by the U.S. Advanced
Battery Consortium (USABC), a partnership of the big
three North American automakers with funding by the
Department of Energy and the Electric Power Research
Institute, to develop and demonstrate NiMH batteries
for electric vehicle applications. Under the USABC
program, an EV-1 (GM's all-electric vehicle) powered
with Ovonic NiMH batteries was the first vehicle to
achieve a range of over 220 miles on a single charge.
The Partnership for a New Generation of Vehicles (the
predecessor to FreedomCar), an industry-government
partnership among automakers, suppliers, the DOE,
the Department of Commerce, the Department of Defense
and the national laboratories, provided funding for
development of an HEV NiMH battery. Ovonic Battery
Company has successfully demonstrated specially designed
NiMH batteries with high power and extended cycle
life for use in HEVs. The automotive industry has
used these batteries to demonstrate hybrid electric
vehicles, and batteries based on our technology are
now being designed into upcoming production models.
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Contacts:
Energy Conversion Devices
Ghazaleh Koefod
248.293.0440
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ChevronTexaco Corp.
Jennifer Silva - 713.752.3854
Stan Luckoski - 415.894.5816
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ECD is the leader in the synthesis
of new materials and the development of advanced production
technology and innovative products. It has pioneered
and developed enabling technologies leading to new
products and production processes based on amorphous,
disordered and related materials, with an emphasis
on advanced information technologies and alternative
energy, including photovoltaics, fuel cells, hydride
batteries and 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. ECD 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 holds the
basic patents in its fields. ECD's web site address
is http://www.ovonic.com.
This release may contain forward-looking
statements within the meaning of the Safe Harbor Provisions
of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on
assumptions which ECD, as of the date of this release,
believes to be reasonable and appropriate. ECD cautions,
however, that the actual facts and conditions that
may exist in the future could vary materially from
the assumed facts and conditions upon which such forward-looking
statements are based.
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