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Texaco Ovonic Battery Systems L.L.C. Receives QS 9000 and ISO 14000 Certifications for New Plant in Springboro, Ohio

170,000 Square Feet of State-of-the-Art Manufacturing Space with Future Annual Production Capacity of 1.2 Million Battery Modules

SPRINGBORO, Ohio, Nov. 4, 2003-- The growing hybrid electric vehicle and stationary power markets will now be better served with the commissioning of Texaco Ovonic Battery Systems' new production plant in Springboro, Ohio, near Dayton.

The only manufacturing plant of its kind in the U.S., construction of the Texaco Ovonic Battery Systems facility began in October 2002. It features 170,000 square feet of manufacturing space, which is twice the size of the plant it replaces in nearby Kettering, Ohio. State-of-the art manufacturing equipment is now in place at the Springboro plant, with a future annual production capacity estimated at 1.2 million battery modules when fully equipped.

Texaco Ovonic Battery Systems L.L.C. is a 50-50 joint venture between a subsidiary of ChevronTexaco Corp. (NYSE: CVX) and a subsidiary of Energy Conversion Devices Inc. (NASDAQ: ENER). Texaco Ovonic Battery Systems is helping to bring advanced nickel metal hydride (NiMH) batteries into widespread commercial production for transportation and stationary applications.

Thomas S. Neslage, President and Chief Operating Officer of Texaco Ovonic Battery Systems, said, "The achievement of QS 9000 certification and ISO 14000 certification is an important milestone in our business strategy. We are demonstrating that our goal at Texaco Ovonic Battery Systems is to deliver advanced high quality system solutions that offer value and reliability. In fact, some of the first modules from the plant will be delivered to the new Energy Center facility under construction by Grand Valley State University in Muskegon, Mich. The University has selected our (TM) 80 kilowatt hour energy storage solution which will be used for peak shaving and load leveling. The planned installation of this solution is timely given the recent power interruptions experienced in the Northeast."

David Garman, Assistant Secretary for Energy Efficiency and Renewable Energy, U.S. Department of Energy, commented, "We are very pleased to see that Texaco Ovonic Battery Systems has completed its state-of-the-art Ovonic™ nickel metal hydride battery manufacturing facility in Ohio. The products from this facility can play a key role in reaching the vision embodied in the President's National Energy Policy and increasing energy diversity."

About Texaco Ovonic Battery Systems:
Headquartered in Troy, Mich., Texaco Ovonic Battery Systems L.L.C., a 50-50 joint venture between ECD Ovonics and a subsidiary of ChevronTexaco Corp., was formed in July 2001 to commercialize Ovonic™ NiMH battery technology for transportation applications such as hybrid electric vehicles (HEV), electric vehicles (EV), heavy-duty vehicles (HDV) and high-voltage (36-42) automotive electrical systems for future gasoline-powered automobiles. It is also focused on battery applications for various stationary power and telecommunications markets. For more information about Texaco Ovonic Battery Systems visit http://www.txobattery.com/.

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 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 include thin-film amorphous solar cells, modules, panels and systems for generating solar electric power; NiMH batteries; 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 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 is available at http://www.ovonic.com/.

About ChevronTexaco Corp:
Based in San Ramon, Calif., ChevronTexaco Corp. is the second-largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. Approximately 52,000 ChevronTexaco employees work in approximately 180 countries around the world, producing crude oil and natural gas, and marketing fuels and other energy products. In addition to supplying global energy, ChevronTexaco is involved in numerous advanced clean energy and fuel technologies. ChevronTexaco, through ChevronTexaco Technology Ventures, pursues commercialization of a broad spectrum of energy related technologies and is an active venture capital investor. Commercialization and investment activities include development of hydrogen generation and storage systems, hydrogen infrastructure and other energy storage technology such as advanced batteries. Texaco Ovonic Battery Systems is one of the joint ventures managed by this unit, through the subsidiary Texaco Energy Systems L.L.C. For more information about ChevronTexaco Technology Ventures visit http://www.chevrontexaco.com/technologyventures.com/.

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Contacts:
Ray Wagner, Texaco Ovonic Battery Systems
Ghazaleh Koefod, ECD Ovonics
Jennifer Silva, ChevronTexaco Technology Ventures
Nadia Jamshidi, McGrath Power
    (Media contact for ECD Ovonics)

 
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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, ECD Ovonics' and Texaco Ovonic Battery Systems' expected performance and financial results in future periods are based upon ChevronTexaco's, ECD Ovonics' and Texaco Ovonic Battery Systems' 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, ECD Ovonics, and Texaco Ovonic Battery Systems, 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 Ovonics' latest reports filed with the SEC, including but not limited to ChevronTexaco's and ECD Ovonics' 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.

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