Cobasys announces organizational changes

Orion, Michigan, February 1, 2005 -- Thomas Neslage President and CEO of Cobasys, a leader in advanced nickel metal hydride (NiMH) battery system solutions, announced the following organizational changes today:

Stephen M. Allen was named Vice President of Administration. Allen served as Vice President and Chief Financial Officer since joining Cobasys in 2001. The move allows Allen, who earned an MBA in Finance from N.Y.U. and a B.S. in Management from M.I.T, to concentrate his efforts on the company's growing administrative requirements, such as such as information technology, intellectual property, health and safety, facilities, benefit plans and planning.

Joseph S.Crocenzi was named Vice President of Finance. Crocenzi joined Cobasys in October 2004 as its Comptroller to oversee its finance and tax activities. A Certified Public Accountant, Crocenzi has held auditing positions with international public accounting firms, and an audit director position with a parent company. He is a graduate of Walsh College with a Bachelor of Accountancy degree.

Deborah A. Davies was named Director of Human Resources. Davies joined Cobasys in 2001 as Human Resources Manager. During her tenure at Cobasys, manpower has increased from 35 to over 200 employees. Prior to joining Cobasys Davies held positions as an In-Client Services Manager, Recruiting Manager and was a Project Manager for contract labor relations for an OEM.

Cobasys designs and manufactures advanced NiMH battery system solutions for transportation, including Hybrid Electric Vehicles (HEV), Electric Vehicles (EV) and 42 volt applications in addition to developing Stationary Back-up power supply systems for large Uninterruptible Power Supply systems (UPS), Telecom and Distributed Generation requirements.

At the beginning of this year Cobasys consolidated its Michigan offices into its new Orion facility. Having product development, systems engineering and administration in one location allows Cobasys to better accommodate its growth as a transportation battery systems supplier and improves its ability to expand into the new markets of stationary power systems.

Cobasys is a joint venture between ChevronTexaco Technology Ventures, an operating unit of ChevronTexaco (NYSE: CVX) and Energy Conversion Devices, Inc. (NASDAQ: ENER). For more information about Cobasys contact Ray Wagner, Vice President of Marketing and Communications at 248-620-5765 or visit our website at

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