Texaco Press Release - Texaco Closes Purchase of 20 Percent Interest Inenergy Conversion Devices, Inc.
TROY, Mich., June 1 - Texaco (NYSE: TX) and Energy Conversion Devices, Inc. (NASDAQ: ENER) announced today the closing and purchase of a 20 percent equity interest in Energy Conversion Devices, Inc. (ECD) by Texaco in the amount of $67.4 million.
This closing completes the equity transaction portion of the Agreement first announced on May 2 as part of the relationship between the two companies focused on advanced energy technologies. Discussions are underway to establish joint ventures for the continued development and commercialization of ECD's proprietary technologies, Ovonic Solid Hydrogen Storage System 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., formed in 1999 to harness the company's fuel conversion expertise to advance commercialization activities in the areas of fuel cells and hydrocarbons-to-liquids.
Operating in more than 150 countries worldwide, Texaco explores for and produces crude oil, natural gas and natural gas liquids; manufactures and markets high quality fuels and lubricants; and operates trading, transportation and distribution facilities; and produces alternate forms of energy.
Headquartered in Troy, Mich., ECD and its network of business partners and licensees are manufacturing cutting edge products in three rapidly growing global markets: information technology, energy generation and energy storage.
Updated: June 2000