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

To: Futurist who wrote (3645)	5/18/1999 9:45:00 AM
From: Futurist	Read Replies (1) \| Respond to of 8393

The first of what I anticipate will be many new spin offs from ECD. Tempus fugit as as far as the electric vehicle is concerned. There's an opening in this market place, and the dinosaurs can't seem to walk through it. Maybe we will be able to! Former Rivals Iacocca, Stempel Join Forces On Electric Vehicles DETROIT -- Former General Motors Corp. Chairman Robert Stempel and onetime rival Lee Iacocca are teaming up as co-investors in a new electric-vehicle venture. Mr. Stempel, chairman of Energy Conversion Devices Inc., said the new venture, Unique Mobility Europa GmbH, or Unique Europa, will have start-up capital of about $50 million and plans to produce a prototype electric van this year. Unique Europa is a three-way joint venture created by ECD, Unique Mobility Inc. and Mr. Iacocca's EV Global Motors Co. EV Global Motors is currently marketing an electric-powered bicycle. Although electric autos have attracted relatively weak consumer demand so far in the U.S., Mr. Stempel said the venture's backers see an opportunity to produce practical electric vehicles for Europe. "I'm disappointed that the major {auto makers} have not pushed forward as hard as we thought they would" with all-electric vehicles, Mr. Stempel said. Auto makers are focusing on hybrid gas-electric vehicles for the short term and fuel-cellpowered vehicles for the future. Unique Europa plans to produce a van powered by ECD's Ovonic nickel-metal hydride batteries and drive technology from Unique Mobility, Mr. Stempel said. The venture has teamed up with a European dealer group, Handelsgruppe K.G. Techno-Einkauf, to handle distribution. Mr. Stempel said the venture has outside investors who ultimately will control 40% of the venture. Unique Europa may go public, Mr. Stempel said. The initial $50 million capitalization will allow for production of prototypes, demonstration vehicles and initial production tooling, Mr. Stempel said. Mr. Stempel said the vehicle will be made from composite materials to reduce costs.