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

To: Don Devlin who wrote (3625)	5/10/1999 1:59:00 PM
From: Don Devlin	Read Replies (1) \| Respond to of 8393

ECD Release on joint venture. Monday May 10, 10:06 am Eastern Time Company Press Release SOURCE: Energy Conversion Devices, Inc. Energy Conversion Devices Enters Joint Venture To Manufacture Electric and Hybrid-Electric Vehicles in Germany FRANKFURT, Germany, May 10 /PRNewswire/ -- Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER - news), EV Global Motors Company (EVG) and Unique Mobility, Inc. (Amex: UQM - news) today announced the formation of a joint venture, Unique Mobility Europa, GmbH (Unique Europa), to manufacture and sell battery-electric, hybrid-electric and fuel cell electric vehicles for world markets. Unique Europa, a limited liability company, is headquartered in Mittweida, near Leipzig, in the Free State of Saxony, Germany. Unique Europa's first product will be an all new, purpose-built minivan using an innovative composite body structure and an advanced battery powered electric drivetrain. Vehicle design was done in cooperation with Storz Design of Zell am See, Austria, and body and chassis engineering is being done in cooperation with Concept Engineering of Bosau, Germany. Mr. Robert C. Stempel, chairman of ECD, said, ''In addition to providing quiet, pollution-free city transportation, the van is an efficient and cost effective alternate to conventional fuel vehicles.'' Configured as either a 2-passenger cargo van or a 6-passenger commuter van, the vehicle will be powered by ECD's Ovonic nickel-metal hydride (NiMH) batteries and Unique Mobility's integrated permanent magnet traction drive. European distribution will be handled by Handelsgruppe K.G. Techno-Einkauf (Techno Group) through specially appointed Volkswagen dealers. Mr. Ray Geddes, chairman and chief executive officer of Unique Mobility, said, ''Suppliers to the emerging EV and HEV markets, such as Ovonic Battery and Unique Mobility, need higher volumes to warrant investment in automated production. The Unique Europa joint venture will not only provide us with a volume customer, but will also give us the first steps towards the critical mass to lower costs for other EV and HEV customers.'' ECD is a leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has pioneered and developed enabling technologies leading to new products and production processes based on amorphous, disordered and related materials, with an emphasis on alternative energy and advanced information technologies. ECD developed the proprietary NiMH battery and, with its joint venture partner, General Motors, is producing NiMH batteries for electric vehicles at its GM Ovonic facilities. Mr. Stanford R. Ovshinsky is president and chief executive officer of ECD. EV Global Motors (Los Angeles, California) is a private company formed by Mr. Lee Iacocca to develop and market lightweight electric vehicle transportation. Mr. Iacocca is a member of Unique Mobility's Board and a shareholder of Unique Mobility and serves as an Advisor to ECD. Unique Mobility, Inc. is a leading developer and manufacturer of power- dense, high efficiency motors, gear assemblies and electronics for the automotive, aerospace and industrial markets. The company is headquartered in Golden, Colorado, with manufacturing facilities in Frederick, Colorado, St. Charles, Missouri and Tao Yuan, Taiwan.