SOURCE: Energy Conversion Devices, Inc.
Shell Hydrogen and ECD Sign Memorandum of
Understanding
TROY, Mich., July 15 /PRNewswire/ -- Shell Hydrogen and Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER -
news) today took the first important step towards marketing a commercially-viable hydrogen storage system for the evolving
hydrogen-fuelled transportation system.
The two companies announced the signing of a memorandum of understanding to explore the establishment of a joint venture
which would further develop and commercialize ECD's proprietary solid hydride storage technology. Shell will provide
refuelling and distribution expertise. A decision on the full details of the collaboration will be made in the coming months.
ECD has made a long-term investment in the development of engineered materials that can be used to store hydrogen as a
solid. These proprietary hydride materials safely store hydrogen that can be released for use as a fuel for conventional internal
combustion engines, or as a clean source of onboard hydrogen for vehicles powered by electricity generated by onboard fuel
cells.
Stanford R. Ovshinsky, president and chief executive officer of ECD, said, ''We believe hydrogen is becoming an increasingly
important fuel for the transportation industry. Distribution and using clean hydrogen could be a critical breakthrough to
extending the viability of internal combustion engines by burning hydrogen fuel. Further, most major global manufacturers are
pursuing the development of automotive fuel cells. This hydride storage technology could be pivotal to the success of this
endeavor.''
Don Huberts, chief executive officer of Shell Hydrogen, commented: ''This collaboration with ECD is a significant additional
option to bringing fuel cell powered clean cars onto the road from 2004 onwards. Obviously, we are already working in
projects looking at onboard gasoline fuel cells and this new project will run in parallel with these to widen the spectrum of
available fuelling options.''
Initial commercial development will start immediately at ECD and a system prototype is targeted by 2001. Shell Hydrogen
believes that hydrogen is the ideal fuel for fuel cell powered vehicles; the challenges of onboard storage and retail infrastructure
will have to be met. The proposed collaboration aims to address these issues.
Shell Hydrogen is a company in the Royal Dutch/Shell Group. Based in Amsterdam, the Netherlands, Shell Hydrogen was set
up earlier this year to pursue and develop business opportunities related to hydrogen and fuel cells.
ECD is a leader in the synthesis of new materials and the development of advanced production technology and innovative
products. Based in Troy, Michigan, it has pioneered and developed enabling technologies based on amorphous, disordered
and related materials with an emphasis on alternative energy sources, such as the NiMH battery and thin-film photovoltaics; and
advanced information technologies, such as the phase change optical memory.
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 both parties, as of the date
of this release, believe to be reasonable and appropriate. Both parties 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.
SOURCE: Energy Conversion Devices, Inc. |
