press release

Cobasys Holds Dedication for Advanced Battery Technology Facility in Orion, Michigan

  • Company has doubled Michigan employment since 2003and anticipates 25 percent hike by end of 2006
  • Governor Granholm to address impact of her economic initiatives on Michigan economy

Joint Venture News Release Issued by Cobasys

ORION, MI, May 18, 2005 -- Cobasys, a leader in advanced Nickel Metal Hydride (NiMH) battery technology, today announced the grand opening of its new 84,000 square-foot headquarters in Orion, Michigan. The engineering, development, administrative, sales and marketing facility currently houses 175 of the company's 220 employees, and is expanding to accommodate anticipated employment growth of an additional 25 percent through 2006.

Speakers at the Grand Opening Dedication include:

  • The Honorable Jennifer M. Granholm, Governor, State of Michigan
  • L. Brooks Patterson, Oakland County Executive
  • Thomas S. Neslage, President and Chief Executive Officer of Cobasys
  • Gregory M. Vesey, President of ChevronTexaco Technology Ventures
  • Robert C. Stempel, Chairman of Energy Conversion Devices

"The need to move toward alternative power systems is driving our sales and employment growth," said Thomas Neslage, President and Chief Executive Officer.

Prior to the opening of its Orion headquarters, Cobasys was located in three facilities in Troy, Michigan. "By consolidating our product development, systems engineering, and testing under one roof, we are able to leverage our resources to further develop and advance the commercialization of NiMH battery energy storage systems." Neslage added, "Our focus is on high-volume hybrid automotive, heavy-truck and 42-volt transportation applications and for advanced stationary backup systems, including defense and homeland security."

Governor Jennifer Granholm said, "Cobasys exemplifies Michigan's transition toward a high-tech economy that will be competitive in the 21st century global economy." "Cobasys' decision to consolidate and grow here is a testament to Michigan's growing leadership in alternative energy technology development."

The company also has a new 170,000-square-foot manufacturing facility in Springboro, Ohio (near Dayton), where it produces advanced NiMH battery system solutions for transportation markets, including Hybrid Electric Vehicles (HEV), Electric Vehicles (EV) and 42-volt applications, as well as stationary back-up power supply systems for Uninterruptible Power Supply systems (UPS) and Telecom and Distributed Generation (DG) requirements.

Cobasys is a joint venture between Chevron Technology Ventures, an operating unit of Chevron Corporation (NYSE:CVX) and Energy Conversion Devices, Inc. (NASDAQ:ENER). For more information about Cobasys, contact Ray Wagner, Vice President of Marketing and Communications or visit us at www.cobasys.com.

Updated: May 2005