USA: Texaco Closes Purchase of 20 Percent Interest In Energy Conversion Devices, Inc
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 Ovonic Regenerative Fuel Cell.
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