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.

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; 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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.