Cobasys and Panasonic EV Energy Extend Cooperation
and Agree to Expanded License Terms
ORION, Mich., July 6, 2005 -- Cobasys announced today that they have granted additional royalty-bearing license rights to Panasonic EV Energy (PEVE), a joint venture between Matsushita Electric Industrial Co., Ltd. (MEI) and Toyota Motor Corporation. The expanded rights will permit PEVE to solicit and sell Nickel Metal Hydride (NiMH) battery products for certain North American transportation applications. In return, Cobasys will receive royalties on PEVE North American sales of NiMH battery products through 2014.
"We believe this agreement will complement our core business strategies, provide additional revenue, and enhance our progress toward achieving full manufacturing capacity at our Springboro, Ohio plant," said Thomas S. Neslage, President and CEO of Cobasys.
Under the terms of the expanded agreement, Cobasys and PEVE will continue to cross license each other for current and future patents through 2014.
They will also maintain their technical cooperation to advance the state-of-the-art NiMH battery products and continue their joint development for the next generation of high performance NiMH battery products for hybrid electric vehicles (HEVs). The parties have also agreed to evaluate the feasibility of assembling PEVE battery packs at the Cobasys Springboro, Ohio, manufacturing facility.
Cobasys designs and manufactures advanced Nickel Metal Hydride (NiMH) battery system solutions for transportation markets, including HEV, Electric Vehicles (EV) and 42 volt applications, in addition to Stationary Back-Up power supply systems for Uninterruptible Power Supply systems (UPS), Telecom and Distributed Generation requirements.
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, Vice President of Marketing at 248-620-5765 or visit our website at www.cobasys.com.
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