TEXACO AND ENERGY CONVERSION DEVICES, INC.
FORM FUEL CELL JOINT VENTURE
TROY, Mich., Sept. 21, 2000 - Texaco Energy Systems, Inc. (TESI) and
Energy Conversion Devices, Inc. (ECD) (NASDAQ:ENER) today announced the
formation of Texaco Ovonic Fuel Cell Company, L.L.C., a 50-50 joint venture to
further develop and advance the commercialization of the Ovonic Regenerative
Fuel Cell(TM).
Under the terms of the joint venture agreement, ECD will provide
proprietary technology and its fuel cell development expertise, while TESI will
provide additional technological support and funding for development work and
initial product launch. Work under this joint venture will commence immediately
and the funding for initial product and market development is estimated to
exceed $40 million.
Commenting on the announcement, William M. Wicker, Texaco Inc. Senior Vice
President, said, "The Ovonic Regenerative Fuel Cell(TM) represents the kind of
important advanced energy technology in which Texaco intends to be a leader.
This joint venture not only moves us closer to that objective, but also builds
upon our relationship with ECD and the strategic investment we made in the
company earlier this year."
In a joint statement, Stanford R. Ovshinsky, ECD President and CEO, and
Robert C. Stempel, ECD Chairman, said, "This agreement is an important step
forward in the advancement of our fuel cell technologies and further
demonstrates how the two companies are working together to develop and
commercialize clean, efficient energy solutions for an evolving energy economy."
Troy-based ECD is a leading developer of advanced energy technologies,
including hydrogen storage, advanced batteries, thin-film photovoltaics and fuel
cells. The Ovonic Regenerative Fuel Cell(TM) is being developed for use in the
full range of commercial applications of fuel cells, and has the potential to
deliver high
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efficiency levels, a wide operating-temperature range, and instant start
capability. Its ability to store energy during braking makes it ideal for
vehicle applications.
ECD's unique, low-cost, proprietary non-noble metal catalyst materials
technology gives the Ovonic Regenerative Fuel Cell(TM) significantly superior
performance and lower costs as compared to other technologies, such as Proton
Exchange Membrane (PEM) fuel cells.
ECD is also a leader in the synthesis of new materials and the development
of advanced production technology and innovative products. It has pioneered and
developed enabling technologies leading to new products and production processes
based on amorphous, disordered and related materials, with an emphasis on
alternative energy and advanced information technologies.
TESI, a wholly-owned subsidiary of Texaco Inc., is focused on
commercialization efforts in fuel cells and other advanced energy technologies,
including the development of viable fuel-processing technology for fuel cells.
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Contacts:
Texaco Inc. Energy Conversion Devices, Inc.
Tyra Metoyer Ghazaleh Koefod
713-752-4784 248-280-1900
This press 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 certain assumptions which
Texaco and ECD, as of the date of this release, believe to be reasonable and
appropriate. Texaco and ECD caution, 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.
For Further information: www.texaco/press.com & www.ovonic.com
