Texaco and ECD Form Fuel Cell Joint Venture

Texaco Energy Systems Inc. (TESI, White Plains, NY) and Energy Conversion Devices Inc. (ECD, Troy, MI) announced the formation of Texaco Ovonic Fuel Cell Company LLC, a fifty-fifty joint venture to further develop and advance the commercialization of the Ovonic Regenerative Fuel Cell.Under the terms of the joint venture agreement, ECD will provide proprietary technology and its fuel cell development expertise, while TESI will provide additional technological support and funding for development work and initial product launch. Work under this joint venture will commence immediately and the funding for initial product and market development is estimated to exceed $40 million.Commenting on the announcement, William M. Wicker, senior vice president of Texaco Inc., said, "The Ovonic Regenerative Fuel Cell represents the kind of important advanced energy technology in which Texaco intends to be a leader. This joint venture not only moves us closer to that objective, but also builds upon our relationship with ECD and the strategic investment we made in the company earlier this year."In a joint statement, Stanford R. Ovshinsky, ECD president and CEO, and Robert C. Stempel, ECD chairman, said, "This agreement is an important step forward in the advancement of our fuel cell technologies and demonstrates how the two companies are working together to develop and commercialize clean, efficient energy solutions for an evolving energy economy."