Texaco Ovonic Battery Systems Becomes COBASYS

New name better signifies our emerging business model of becoming a world class battery system solutions company

Published: 19-Mar-2004

TROY, Mich., March 17  -- Texaco Ovonic Battery Systems LLC announced today it has changed its name to COBASYS.  The name change to COBASYS reflects the company's focus on the expanding fields for Nickel Metal Hydride (NiMH) storage solutions in both the transportation and stationary power markets.  COBASYS is a joint venture between Texaco Energy Systems L.L.C., a unit of ChevronTexaco Technology Ventures LLC, and a unit of Energy Conversion Devices, Inc., the pioneer in the development of high power, high energy NiMH batteries.

In commenting on the name change, Thomas S. Neslage, President and CEO of COBASYS, said "The new name better signifies our emerging business model of becoming a world class battery system solutions company.  Although our name is new, we remain fully committed to providing the most advanced, effective battery system solutions and rising to the challenge of two rapidly changing marketplaces.  This year will mark the rollout of exciting new, high quality products and systems that have been years in development."

COBASYS has developed a broad family of new products and services to serve the increasing needs of energy storage.  Its NiMHax(TM) transportation battery systems provide flexible solutions that meet the growing power and energy requirements for Light-Duty, Medium-Duty and Heavy-Duty Hybrid Electric Vehicle applications, as well as 42 Volt and Electric Vehicle applications in the transportation industry.  COBASYS is also at the forefront in developing integrated emergency and stand-by power systems solutions for Telecommunications -- NiCOM(TM) and Uninterruptible Power Supply (UPS) -- NiGUARD(TM) applications.

COBASYS will continue offering products with the signature "Ovonics@work(R)."  Ovonic(R) Nickel Metal Hydride technology offers clear advantages over competing technologies, with more than twice the energy and cycle life of conventional lead-acid batteries.  The batteries are rechargeable, smaller, safe, maintenance free and environmentally friendly.

Raymond Wagner, Vice President of Marketing, is directing the transition to the COBASYS name and he stated that "COBASYS is being positioned as a leader in Nickel Metal Hydride battery solutions, committed to providing battery-powered energy systems which deliver excellent performance, value and reliability.  Our plans are to introduce several lines of production validated battery solutions for transportation, stationary and telecommunications applications that range from 8.5 to 180 amp. hours."

COBASYS completed construction of a new 170,000 square foot manufacturing facility in Springboro, Ohio during 2003. The facility includes state-of-the- art manufacturing with ISO and QS production certifications and expects to be capable of producing 1.2 million battery modules annually at full capacity.

Along with the new name, COBASYS has a new website.  For more information about COBASYS people and products, please contact:

COBASYS 1250 Maplelawn Drive Troy, Michigan 48084 Tel. 248-637-7400 sales@cobasys.com

http://www.cobasys.com

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