ROCHESTER HILLS, Mich., Aug. 8 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD) (Nasdaq: ENER) announced today that its
subsidiary, Ovonic Battery Company, Inc. (Ovonic Battery), has entered into
a patent license agreement in connection with its proprietary nickel metal
hydride (NiMH) battery technology with Shenzhen Grepow Battery Co., Ltd.
(Grepow) of the People's Republic of China. Under the consumer battery
license grant, Grepow has a royalty-bearing, nonexclusive right to
manufacture NiMH batteries in China and use and sell NiMH batteries
worldwide. No propulsion battery rights were granted.
James R. Metzger, ECD's Executive Vice President and Chief Operating
Officer, said, "China is an already important and rapidly growing market
for our proprietary Ovonic NiMH battery technology. We are extremely
pleased manufacturing companies within the People's Republic of China have
recognized the strength of our intellectual property and appreciate access
to our advanced materials. We welcome Grepow as a licensee and look forward
to a long-lasting relationship."
Mr. Liu Miao, Grepow's General Manager, said, "We are glad to become an
Ovonic licensee. We look forward to collaboration with the Ovonic
scientists to improve our technology and competitiveness in the market."
About Energy Conversion Devices:
Energy Conversion Devices is the leader in the synthesis of new
materials and the development of advanced production technology and
innovative alternative energy products and solutions. The company's
portfolio of alternative energy solutions and proprietary information
processing technologies features the latest advances in solar electric
power generation, NiMH batteries, and fuel cell, solid hydride storage and
phase-change memory technologies. 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. More information on the Company is available
at http://www.ovonic.com.
About Grepow:
Shenzhen Grepow Battery Co., Ltd. was formed in 1998 and is located in
Shenzhen, China. Grepow produces an extensive range of NiMH products to
address markets such as digital cameras, R/C cars, home appliances,
cordless phones and power tools. For more information, Grepow's website is
http://www.grepow.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 Ovonics, as of the date of this release, believes to be reasonable and
appropriate. ECD Ovonics 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. The risk factors identified in ECD Ovonics filings with the
Securities and Exchange Commission, including the company's most recent
Annual Report on Form 10-K and the company's most recent Quarterly Report
on Form 10-Q, could impact any forward-looking statements contained in this
release.
SOURCE Energy Conversion Devices, Inc.
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Related links:
http://www.ovonic.com
http://www.grepow.com
CONTACT:
Ghazaleh Koefod, Investor Relations of Energy
Conversion Devices, Inc., +1-248-293-0440
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