ROCHESTER HILLS, Mich., April 26 /PRNewswire-FirstCall/ -- Energy Conversion Devices, Inc. (ECD Ovonics) announced today that its subsidiary, Ovonic Battery Company, Inc. (Ovonic Battery), has entered into a patent license agreement with G4 Synergetics Incorporated (G4). G4 was granted a royalty-bearing, nonexclusive right to make, use and sell NiMH batteries using Ovonic Battery's proprietary technology for consumer applications. Additionally, G4 has the option to expand its license to include the right to manufacture NiMH batteries for electric scooter and bicycle applications in China and to use and sell those batteries worldwide. Other propulsion applications are excluded.
James R. Metzger, Interim President and Chief Operating Officer of ECD Ovonics, said, "We look forward to establishing a long-lasting alliance with G4. Not only does this new license reaffirm the strength of our intellectual property, but also confirms that NiMH battery manufacturers value access to advanced Ovonic materials and technology. As our consumer battery licensing business continues to grow, we are pleased to welcome a North American manufacturer of NiMH batteries."
Martin Higgins, President of G4 Synergetics, said, "We are very excited about the potential of the products we are developing. Access to Ovonics resources will quicken our development and allow us to service our target markets while respecting Ovonics intellectual property."
About ECD Ovonics:
ECD Ovonics is the leader in the synthesis of new materials and the development of advanced production technology and innovative alternative energy products and solutions. The company's portfolio of alternative energy solutions and proprietary information processing technologies features the latest advances in solar electric power generation, NiMH batteries, and fuel cell, solid hydride storage and phase-change memory technologies. ECD Ovonics designs and builds manufacturing machinery that incorporates its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. ECD Ovonics holds the basic patents in its fields. More information on the Company is available at www.ovonic.com.
About G4 Synergetics:
G4 Synergetics Incorporated was formed in 2005. G4 is developing a range of battery products, including NiMH, at its development facility in Florida and has a manufacturing facility in Juarez, Mexico. G4 products are expected to be competitive in virtually all rechargeable battery applications. For more information on G4, contact Dave Smith at (248) 339-9812.
This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD Ovonics, as of the date of this release, believes to be reasonable and appropriate. ECD Ovonics cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based. The risk factors identified in ECD Ovonics filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K and the company's most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release.