ROCHESTER HILLS, Mich., Oct. 31 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) today announced that
it had received a contract to develop and demonstrate a hydrogen-powered
airport tow tractor and to further develop its advanced Ovonic metal
hydride fuel cell technology for the US Army's Tank Automotive Research,
Development and Engineering Center (TARDEC) via its National Automotive
Center (NAC). The contract has a total value of approximately $1.8 million.
ECD Ovonics successfully developed and demonstrated a portable hydrogen
refueling system for NAC in 2004. Now, under the new contract, ECD Ovonics
will develop and demonstrate a high-efficiency, ultra-low emissions,
hydrogen hybrid-electric internal combustion engine powered aircraft tow
tractor that uses on-board Ovonic solid hydrogen storage systems. ECD
Ovonics will also further develop its non-noble metal hydride fuel cell
stack technology, which represents a fundamentally new approach to fuel
cells and provides unique performance advantages, including instant start,
good low-temperature performance, and intrinsic energy storage.
Many of our busiest U.S. airports do not meet air quality standards
according to the Environmental Protection Agency. Aircraft tow tractors,
therefore, are potential early adopters of clean hydrogen technologies. The
hydrogen fuel can be produced from sustainable sources of renewable energy
and offers the potential to improve our nation's energy security by
reducing our dependence on imported oil, as well as almost eliminating
harmful carbon emissions arising from the combustion of fossil fuels in
transportation applications.
The contract will be administered by Aerospace Engineering Spectrum
(AES), based in Ogden, Utah, via a subcontract to ECD Ovonics on behalf of
Ovonic Hydrogen Systems and Ovonic Fuel Cell Company. AES will provide
project management services through its prime contract with the Department
of Defense under the Design Engineering Support Program.
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 its proprietary, enabling
technologies in the fields of energy and information leading to new
products and production processes based on amorphous, disordered and
related materials. The Company's portfolio of alternative energy solutions
includes Ovonic thin-film amorphous solar cells, modules, panels and
systems for generating solar electric power; Ovonic NiMH batteries; Ovonic
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 Ovonic
fuel cell technology. ECD Ovonics' proprietary advanced information
technologies include Ovonic phase-change electrical memory, Ovonic
phase-change optical memory and the Ovonic Threshold Switch. 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 on the company is available on http://www.ovonic.com.
About Aerospace Engineering Spectrum:
Aerospace Engineering Spectrum is a Joint Venture founded in 1995 as a
consortium of four partner companies. AES provides high quality technical
services to government customers utilizing an integrated team approach and
a seasoned program management methodology founded in proven system
engineering principles.
About TARDEC/NAC:
TARDEC is headquartered at the Detroit Arsenal, Warren, MI, and is home
of the NAC. The NAC operates with a primary mission to serve as a catalyst
linking industry, academia, and government in the development and exchange
of dual-use (advanced automotive/defense) technologies that benefit all
sectors.
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 the ECD Ovonics filings with the
Securities and Exchange Commission, including the Company's most recent
Annual Report on Form 10-K 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
CONTACT:
Ghazaleh Koefod, Investor Relations, or Dick
Thompson, Media Relations, both of Energy Conversion Devices,
Inc., +1-248-293-0440
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