Texaco and Energy Conversion Devices Execute a Share Purchase Agreement

Texaco Inc. (Detroit, MI) and Energy Conversion Devices Inc. (ECD, Troy, MI) have executed a share purchase agreement for Texaco to purchase a 20-percent equity stake in ECD for $67.3 million. The companies have agreed to establish joint ventures for the continued development and commercialization of advanced energy technologies, initially in the fields of ECD's proprietary Ovonic solid hydrogen storage technology and the Ovonic regenerative fuel cell.

Texaco's interest in ECD will be managed by Texaco Energy Systems Inc., a wholly owned subsidiary of Texaco Inc., established to harness the company's fuel-conversion expertise.