ROCHESTER HILLS, Mich., Aug. 23 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD) (Nasdaq: ENER) today announced that Stanford
R. Ovshinsky, its co-founder, principal inventor, Chief Scientist and
Technologist, will retire as an active employee and director of the company
effective August 31, 2007.
"Iris and I started ECD based on our shared vision of using science and
technology to solve important societal problems, such as the increasing
global demand for energy," explained Mr. Ovshinsky on the founding of the
company in 1960 with his wife, the late Dr. Iris Ovshinsky. "Over the
years, many of our ideas have become a reality and are being used by people
all over the world. I now want to fully reengage in research and
development activities, concentrating on the further development of
amorphous and disordered materials and future advances in the energy and
information fields. I am proud of what ECD has accomplished and expect the
company to continue to grow and prosper in the years ahead."
"Words cannot do justice to the lasting work of Stan and Iris that
resulted in ECD's growth over these many years," said Bob Stempel, Chairman
and CEO of ECD. "Stan's passion for the work created an environment of high
energy and full dedication across the organization. Under his leadership
and tutelage, hundreds of employees have learned the science and technology
of amorphous and disordered materials and contributed to ECD's many
successes. All of us at ECD, and his many friends and colleagues the world
over, wish Stan the very best as he continues his work."
Mr. Ovshinsky intends to maintain an office in the metro-Detroit area
and will continue to be available to ECD to advise on technical and
scientific matters. He also intends to continue to advise Ovonyx, Inc. on
phase change memory technology.
Mr. Ovshinsky developed the science and technology of amorphous and
disordered materials, and his pioneering work in the field has enabled
commercial products in energy generation, including thin-film
triple-junction photovoltaics and building-integrated PV; energy storage,
including Ovonic NiMH batteries for hybrid and electric vehicles and
consumer applications; and information technology, including phase-change
optical media and electronic memories. He has also developed roll-to-roll
continuous manufacturing technology for semiconductors (including
photovoltaics) and other products. Mr. Ovshinsky has over 350 U.S. and
foreign patents and is the author of over 275 scientific papers ranging
from neurophysiology to amorphous semiconductors. He has been widely
recognized for his important contributions in photovoltaics, the hydrogen
economy and in nanoscience and nanostructures. His many other awards
include the Diesel Gold Medal for Invention from the German Inventors
Association, the Coors American Ingenuity Award, the Toyota Award for
Advancement, and the 2005 Innovation Award for Energy and the Environment
by The Economist. In 1999, he was named a "Hero for the Planet" by Time
magazine. Mr. and Dr. Ovshinsky were named as Heroes of Chemistry 2000 by
the American Chemical Society.
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 .
SOURCE Energy Conversion Devices, Inc.
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Related links:
http://www.ovonic.com
CONTACT:
Ghazaleh Koefod, Investor Relations, Energy
Conversion Devices, Inc., +1-248-293-0440
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