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Santa Monica Enters Pact to Promote Solar Energy

URL: http://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2004/Nov-2004/11_29_04_Santa_Monica_Enters_Pact_to_Promote_Solar.htm Website: http://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2004/Nov-2004/11_29_04_Santa_Monica_Enters_Pact_to_Promote_Solar.htm     

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ECD Expands NiMH Battery License to Cobasys and Restructures Relationship with ChevronTexaco

Energy Conversion Devices, Inc. (ECD Ovonics) (Nasdaq: ENER) announced that, as part of its focus on its core businesses, it is entering into a series of agreements with ChevronTexaco Technology Ventures LLC (CTTV), a subsidiary of ChevronTexaco Corporation (ChevronTexaco) (NYSE: CVX), and Cobasys LLC (Cobasys), the 50-50 Ovonic nickel metal hydride (NiMH) battery manufacturing joint venture between CTTV and Ovonic Battery Company, Inc. (Ovonic Battery), a subsidiary of ECD Ovonics, to expand the scope of licenses granted to Cobasys at the time of the formation of the joint venture in July 2001. In consideration of the expanded license, revised joint venture agreements and the collateralization of certain obligations, ECD Ovonics, through its subsidiary Ovonic Battery, will receive an option to purchase the 4,376,633 shares of ECD common stock currently owned by a subsidiary of ChevronTexaco. The option is exercisable at $4.55 per share and expires on November 1, 2005. In addition, CTTV will transfer to ECD its interest in Texaco Ovonic Hydrogen Systems LLC (TOHS) in consideration of relieving CTTV of any continuing obligations to fund TOHS. The transaction will increase ECD Ovonics' operating income in the quarter ended December 31, 2004 by approximately $77 million as a result of […]

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Mobion(TM) Fuel Cell Power Product Receives Safety Certifications

MTI MicroFuel Cells (MTI Micro), the developer of Mobion(TM) cord-free rechargeable portable power technology suitable for handheld electronic devices and a subsidiary of Mechanical Technology Incorporated (Nasdaq: MKTY), has received required safety certifications from Underwriter's Laboratories Inc. (UL) and CSA International (CSA) for its first product. The micro fuel cell product that has received certification, MTI Micro's Mobion(TM) power packs for military and industrial markets, is targeted for shipment by the end of 2004 for use in logistics and warehousing applications (such as RFID tag readers) where shorter run-time and re-charge maintenance of traditional batteries can reduce worker productivity. The Mobion(TM) power packs were manufactured by MTI Micro's manufacturing partner Flextronics, in San Jose, California. MTI Micro has worked closely with Underwriters Laboratories and led the effort for UL's first-ever test requirements documentation for a micro fuel cell product. UL is an independent, not-for-profit product-safety testing and certification organization and has tested products for public safety for more than a century. Since its founding in 1894, UL has earned the reputation as a leader in product-safety testing and certification in North America and throughout the world. Additionally, MTI Micro has been granted CSA's Certificate of Compliance for its Mobion(TM) power […]

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