Energy Conversion Devices to Divest Ovonic Battery Company

Energy Conversion Devices (ECD) ENER today announced that it is initiating a process to divest its Ovonic Battery Company (OBC) subsidiary. OBC's principal activities are licensing its advanced battery technologies (including nickel-metal-hydride ("NiMH") and lithium-ion technologies), participating in joint development programs to support application of these technologies, and manufacturing mixed-metal hydroxide cathode materials for sale to its licensees for use in battery production. OBC invented the NiMH rechargeable battery technology that is used globally in most hybrid-electric vehicles, and in many consumer and commercial rechargeable batteries.