Ovonic Awarded FreedomCar Contract

Texaco Ovonic Battery Systems LLC, a 50-50 joint venture company between a unit of ChevronTexaco Technology Ventures and Ovonic Battery Company, Inc., a subsidiary of Energy Conversion Devices, Inc., has received a US$5.2 million, two-year cost-sharing contract to continue the development work on its proprietary liquid-cooled 12V monoblock nickel metal hydride (NiMH) battery technology for hybrid electric vehicles (HEV) under the sponsorship of the Department of Energy’s FreedomCar initiative.

Rochester Hills, Michigan – August 1, 2002 [SolarAccess.com] “We at Texaco Ovonic Battery Systems are pleased to continue our successful developmental program with the Department of Energy,” said Tom Neslage, President of Texaco Ovonic Battery Systems. “This important work, based upon our proprietary NiMH battery technology, will help accelerate the commercialization of hybrid technologies for a broad range of transportation applications.” The new contract represents Phase 3 of a program focused on completing the development work, which began in November 1999. In Phase 1, the technology development focused on improvement of the NiMH battery. Phase 2 of the development program emphasized durability and manufacturability concepts. Phase 3 is focused on development of full HEV battery systems meeting performance and production cost targets. The program will culminate in the delivery of complete 25 kW battery pack systems, including thermal management, control electronics and a battery management system. The development program currently underway at Texaco Ovonic Battery Systems is based on the fundamental inventions and pioneering work in NiMH batteries by Stanford R. Ovshinsky, President and CEO of ECD, and Ovonic Battery Company that provide the enabling technology. In 1992, Ovonic Battery Company was awarded the first contract by the U.S. Advanced Battery Consortium (USABC), a partnership of the big three North American automakers with funding by the Department of Energy and the Electric Power Research Institute, to develop and demonstrate NiMH batteries for electric vehicle applications. Under the USABC program, an EV-1 (GM’s all-electric vehicle) powered with Ovonic NiMH batteries was the first vehicle to achieve a range of over 220 miles on a single charge. The Partnership for a New Generation of Vehicles (the predecessor to FreedomCar), an industry-government partnership among automakers, suppliers, the DOE, the Department of Commerce, the Department of Defense and the national laboratories, provided funding for development of an HEV NiMH battery. Ovonic Battery Company has successfully demonstrated specially designed NiMH batteries with high power and extended cycle life for use in HEVs. The automotive industry has used these batteries to demonstrate hybrid electric vehicles, and batteries based on our technology are now being designed into upcoming production models. (Nasdaq: ENER)
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