USA: Texaco and Energy Conversion Devices, Inc. Form Fuel Cell Joint Venture
Texaco Energy Systems, Inc. (TESI) and Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER) today announced the formation of Texaco Ovonic Fuel Cell Company, L.L.C., a 50-50 joint venture to further develop and advance the commercialization of the Ovonic Regenerative Fuel Cell(TM). 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.
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