Energy Conversion Devices Focuses on Integrated Technologies For Energy and Information Systems
Wednesday July 23, 10:32 am ET
New Integrated Solutions Business Group Drives System Applications
biz.yahoo.com
ROCHESTER HILLS, Mich., July 23 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (Nasdaq: ENER - News) announced today the formation of Ovonic Integrated Solutions Group as part of its commitment to increase commercialization of its products. Working with ECD Ovonics' manufacturing joint ventures and business units, the group will provide integrated system solutions for customers, streamlining and coordinating the company's ability to offer energy and information solutions and products.
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James R. Metzger, ECD Ovonics Vice Chairman and Chief Operating Officer, will head Ovonic Integrated Solutions Group. "The group is all about helping to realize the value of ECD Ovonics' hidden assets," said Metzger. "Integrated solutions will provide added value for our customers, helping our joint ventures and subsidiaries increase sales of Ovonic(TM) photovoltaics, nickel metal hydride batteries, hydrogen storage and information products. They will provide a pathway for new, innovative systems with added market pull to increase our revenue base. We are now integrating our technological know- how with our production products to provide an ever-expanding portfolio of new products which are expected to provide ECD Ovonics and our joint ventures with additional sources of revenue."
"Complete systems solutions have been our strategy from the very beginning. Now with photovoltaics and fuel cells back in our fold, we can accelerate our vision," said Stanford R. Ovshinsky, ECD Ovonics President and Chief Executive Officer.
Just as the Ovonic Integration Solutions Group brings together the various ECD Ovonics products and technologies to form the new integrated solutions, it will also bring together teams of engineers, business analysts, marketers and sales groups from ECD Ovonics' business units to work on the most commercially viable options, with the flexibility to focus on opportunities with the greatest potential for increasing shareholder value. A small, dedicated core team provides continuity and commercial focus to pursue an optimum balance of short- and longer-term strategic opportunities.
About ECD Ovonics
ECD Ovonics is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has invented, pioneered and developed enabling technologies leading to new products and production processes based on amorphous, disordered and related materials, with an emphasis on advanced information technologies and alternative energy, including photovoltaics, fuel cells, hydride batteries and hydride storage materials capable of storing hydrogen in the solid state for use as a feedstock for fuel cells or internal combustion engines or as an enhancement or replacement for any type of hydrocarbon fuel. ECD Ovonics 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 Ovonics holds the basic patents in its fields. ECD Ovonics' website address is ovonic.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, as of the date of this release, believes to be reasonable and appropriate. ECD 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.
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Source: Energy Conversion Devices, Inc. |
