ROCHESTER HILLS, Mich., Nov. 7 /PRNewswire-FirstCall/ -- Energy
Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) announced that it was
recently awarded a cost-shared contract by the U.S. Department of Energy
(DOE) to continue its work on small hydrogen internal combustion engines.
The estimated total cost of the project is approximately $1.7 million, with
DOE providing $1.2 million toward the project.
Under the contract, ECD Ovonics will develop a low-cost method to
convert small gasoline internal combustion engines (under 25 hp) to run on
hydrogen fuel, while maintaining the performance and durability of the
unmodified engines.
"This is a great opportunity for us to advance the work done to date on
hydrogen-ICE fueled scooters and three-wheeled taxis, both of which use our
proprietary solid-state metal hydride storage systems on-board. We
appreciate the DOE's support and look forward to our collaboration,"
Stanford R. Ovshinsky, President and Chief Scientist and Technologist of
ECD Ovonics said.
The Ovonic three-wheeled taxi developed under a cost-shared project
with the USAID has been demonstrated in the U.S. and in India. There is a
significant potential market for reliable, low-cost engines with near zero
emissions in stationary and mobile applications which include two- and
three- wheeled vehicles, lawn and garden care equipment, and small back-up
generator sets.
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 .
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, of Energy Conversion Devices, Inc.,
+1-248-293-0440
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