Dayton, Ohio, Oct. 29,
2002 -- Texaco Ovonic Battery Systems LLC, a 50-50
joint venture between a unit of ChevronTexaco Corp.
(CVX:NYSE) and a subsidiary of Energy Conversion Devices,
Inc. (NASDAQ:ENER), will break ground for a new multimillion-dollar
battery production facility in Springboro, Ohio on
Tuesday, October 29, 2002.
The Springboro plant, at 170,000
square feet and with new automated manufacturing equipment,
is more than twice the size of the current production
facility in Kettering. It is expected to double the
production capacity of advanced Texaco Ovonic Battery
Systems nickel metal hydride (NiMH) batteries.
"I am pleased with Texaco Ovonic
Battery Systems' decision to continue its operation
in Ohio by building its multimillion dollar, state-of-the-art
battery manufacturing plant in Springboro," Governor
Bob Taft said. "We have a long-term commitment to
establish Ohio as an economic leader in the 21st Century,
while at the same time preserving the environment.
We believe that Texaco Ovonic Battery Systems will
help us achieve these goals."
Robert C. Stempel, Chairman and
CEO of Texaco Ovonic Battery Systems, said, "This
is an important step for Texaco Ovonic Battery Systems.
The Springboro plant will enable us to address and
provide for the battery needs of both the transportation
and stationary markets. We look forward to building
a world-class, competitive business and to offering
the Ovonic nickel metal hydride batteries to the global
automotive and nonautomotive markets. We have the
basic patents in nickel metal hydride battery technology."
Tom Neslage, President and COO
of Texaco Ovonic Battery Systems, said, "The Springboro
plant, which is expected to become functional in April
2003, will replace the Kettering plant. We, at Texaco
Ovonic Battery Systems, are committed to offering
value, reliability, and quality to our customers and
look forward to expanding the market for our proprietary
nickel metal hydride batteries."
The advanced Texaco Ovonic Battery
Systems NiMH batteries provide more than twice the
energy and life cycle of conventional lead acid batteries,
are maintenance free and are environmentally benign.
NiMH batteries are the enabling technology for electric
and hybrid electric vehicles to meet the requirements
for next-generation fuel-efficient vehicle applications.
Other applications include telecommunications, uninterruptible
power systems (UPS) and distributed generation segments
of stationary markets.
Employment level at the Ohio plant-represented
by the International Union of Electrical Workers-is
expected to reach nearly 200 people during the next
# # #
Texaco Ovonic Battery Systems
Energy Conversion Devices
ECD 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 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 www.ovonic.com.
ChevronTexaco Corp. is an integrated
global energy company participating in virtually all
aspects of the global energy business. It is the second-largest
U.S.-based energy company and the fifth largest in
the world, based on market capitalization. More than
53,000 ChevronTexaco employees work in approximately
180 countries around the world, producing oil and
natural gas and marketing fuels and other energy products.
This press release may contain
a number of forward-looking statements within the
meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. In particular,
any statements made concerning ChevronTexaco's and
ECD's expected performance and financial results in
future periods are based upon ChevronTexaco's and
ECD's current expectations and beliefs and are subject
to a number of known and unknown risks and uncertainties
that could cause actual results to differ materially
from those described in the forward-looking statements.
The following factors known to ChevronTexaco and ECD,
among others, could cause their actual results to
differ materially from those described in the forward-looking
statements: inaccurate scientific data; mechanical,
chemical and technological failures; decreased demand
for alternative fuels and other products; above or
below-average product and technology demands; worldwide
and industry economic conditions; higher costs, expenses
and interest rates; the outcome of pending and future
litigation and governmental proceedings; continued
availability of financing; and strikes and other industrial
disputes. In addition, you are encouraged to review
ChevronTexaco's and ECD's latest reports filed with
the SEC, including but not limited to ChevronTexaco's
and ECD's Annual Report on Form 10-K, which describe
a number of additional risks and uncertainties that
could cause actual results to vary materially from
those listed in the forward-looking statements made
in this press release.