Energy Conversion Devices to Divest Ovonic Battery Company

Energy Conversion Devices ENER today announced that it is initiating a process to divest its Ovonic Battery Company subsidiary. OBC's principal activities are licensing its advanced battery technologies (including nickel-metal-hydride 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. OBC has demonstrated great value through sustainable profitability, a strong and growing royalty and license-fee revenue stream, and high-potential growth opportunities. Through its innovative R&D activities, OBC has advanced the state-of-the-art of cathode materials for lithium-ion batteries, and has an established patent position and world-class manufacturing capability for its proprietary nickel hydroxide cathode materials. OBC is also developing a new technology, the Proton-ion battery, with higher energy density and lower cost than today's battery technologies.