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ECD ISSUES CORRECTION

 TROY, Mich., March 17 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") (NASDAQ: ENER) issued a statement today correcting a Reuters report in connection with a presentation last week concerning ECD's Ovonic Battery Company, Inc. ("OBC").
 In the presentation and interview that followed, Subhash K. Dhar, president of OBC, discussed the details of several business plans the company has developed in connection with its discussions with third- parties to build an electric vehicle battery manufacturing facility. Mr. Dhar stated that if a plant were built in accordance with one of these proposed business plans, the company projects annual earnings of $50 million on revenues of $240 million by 1998. Mr. Dhar further noted that the company is also discussing building an electric vehicle battery manufacturing facility in Europe. No agreements to build manufacturing facilities have been entered into nor is there any assurance such agreements will be entered into.
 Mr. Dhar also discussed that in connection with the company's proposed expansion of its battery component manufacturing operations for licensees, it expects an increase in orders of battery components of 50-75 percent over last year which were approximately $1.6 million. However, the company does not make any projections as to the revenue the company may generate in this fiscal 1993 or in any future years.
 -0- 3/17/93
 /CONTACT: Stanford R. Ovshinsky, President & Chief Executive Officer, or Nancy M. Bacon, Vice President of Finance and Treasurer, 313-280-1900, both of ECD; or Subhash K. Dhar, President, Ovonic Battery Company, 313-362-1920/
 (ENER)


CO: Energy Conversion Devices, Inc.; Ovonic Battery Company, Inc. ST: Michigan IN: SU:

SB -- DE026 -- 7123 03/17/93 15:39 EST
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Publication:PR Newswire
Date:Mar 17, 1993
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