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Technology Stocks : Energy Conversion Devices -- Ignore unavailable to you. Want to Upgrade?

To: Allen Bucholski who wrote (3171)	2/10/1999 9:37:00 AM
From: Tom Hoff	Read Replies (1) \| Respond to of 8393

This seems to be a repeat of the recent license agreement. Sanyo to obtain battery technology from U.S. venture .c Kyodo News Service OSAKA, Feb. 10 (Kyodo) -- Sanyo Electric Co. said Wednesday it has struck a business deal with U.S. battery manufacturer Ovonic Battery Co. for development of nickel metal-hydride batteries for automobiles. Under the deal, Sanyo will obtain the battery technology under license from the Michigan-based company and take an undisclosed equity stake, a Sanyo spokesman said. Sanyo hopes the addition of high-capacity nickel metal-hydride batteries to its product line will help expand its large-battery business. Sanyo has been a leader in the development of nickel-cadmium rechargeable batteries since it developed a sealed nickel-cadmium battery in 1963. Ovonic Battery has already formed tie-ups with General Motors Corp. and Honda Motor Co. on the development of automobile batteries, reflecting the race by carmakers to develop high-performance batteries as a clean energy source for automobiles. The nickel metal-hydride battery makes it possible for auto manufacturers to build electric vehicles with performance acceptable to market demands, industry analysts say.