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ECDís Battery Subsidiary Grants Patent License to Shenzhen Grepow
Thursday, August 09, 2007
Rochester Hills, MI -- Energy Conversion Devices, Inc. (ECD) announced today that its subsidiary, Ovonic Battery Company, Inc. (Ovonic Battery), has entered into a patent license agreement in connection with its proprietary nickel metal hydride (NiMH) battery technology with Shenzhen Grepow Battery Co., Ltd. (Grepow) of the People's Republic of China. Under the consumer battery license grant, Grepow has a royalty-bearing, nonexclusive right to manufacture NiMH batteries in China and use and sell NiMH batteries worldwide. No propulsion battery rights were granted.
James R. Metzger, ECD's Executive Vice President and Chief Operating Officer, said, "China is an already important and rapidly growing market for our proprietary Ovonic NiMH battery technology. We are extremely pleased manufacturing companies within the People's Republic of China have recognized the strength of our intellectual property and appreciate access to our advanced materials. We welcome Grepow as a licensee and look forward to a long-lasting relationship."
Mr. Liu Miao, Grepow's General Manager, said, "We are glad to become an Ovonic licensee. We look forward to collaboration with the Ovonic scientists to improve our technology and competitiveness in the market."
About Energy Conversion Devices
Energy Conversion Devices is the leader in the synthesis of new materials and the development of advanced production technology and innovative alternative energy products and solutions. The company's portfolio of alternative energy solutions and proprietary information processing technologies features the latest advances in solar electric power generation, NiMH batteries, and fuel cell, solid hydride storage and phase-change memory technologies. ECD 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 holds the basic patents in its fields. More information on the Company is available at http://www.ovonic.com/.
Shenzhen Grepow Battery Co., Ltd. was formed in 1998 and is located in Shenzhen, China. Grepow produces an extensive range of NiMH products to address markets such as digital cameras, R/C cars, home appliances, cordless phones and power tools. For more information, Grepow's website is http://www.grepow.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 ECD Ovonics filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K and the company's most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release.
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