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ENERGY CONVERSION DEVICES AND ITS SUBSIDIARY, OVONIC BATTERY COMPANY, ANNOUNCE ELECTRIC CAR BATTERY AGREEMENT WITH HYUNDAI MOTOR COMPANY

ENERGY CONVERSION DEVICES AND ITS SUBSIDIARY, OVONIC BATTERY COMPANY, ANNOUNCE ELECTRIC CAR BATTERY AGREEMENT WITH HYUNDAI MOTOR COMPANY
 TROY, Mich., Dec. 2 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") (OTC: ENER) and its subsidiary, Ovonic Battery Company, Inc. ("OBC"), announced today that ECD/OBC and Hyundai Motor Company ("Hyundai"), the largest automotive manufacturer in Korea, have signed a license agreement under ECD's proprietary Ovonic rechargeable nickel metal hydride battery technology.
 Under this agreement ECD/OBC has granted to Hyundai a royalty- bearing, exclusive license to make and sell large hydride batteries in Korea and a royalty-bearing, non-exclusive license to make and sell large hydride batteries worldwide excluding North America and the U.S.S.R., except that Hyundai can sell its automobiles incorporating Ovonic batteries in these territories.
 In an announcement published in the Korean Economic Daily, Hyundai stated that it plans to utilize Ovonic batteries in electric cars by 1995. The Hyundai electric car using Ovonic batteries will travel 350 km (220 miles) per charge at a constant speed of 90 km per hour (60 miles per hour), with a top speed of 160 km per hour (100 miles per hour). Upon signing this agreement, Stanford R. Ovshinsky, president and chief executive officer of ECD, stated that this agreement represented another step in the worldwide recognition that Ovonic battery technology makes electric cars practical. He said, "We are building a new industry within the structure of the old which can result in a new industrial base creating new jobs and opportunities. The electric automobile is an absolute necessity as a means of solving the problems of pollution and reducing the dependence on oil so threatening to world peace."
 Pursuant to this agreement, Hyundai has agreed to pay to ECD/OBC a total of $2.5 million over a period of time, a portion of which is to be paid on the commencement of production. In addition, Hyundai will pay to ECD/OBC a running royalty on net sales.
 Hyundai has granted ECD/OBC a royalty-free license under any improvements and modifications Hyundai makes to ECD/OBC technology. Hyundai has also granted ECD/OBC a right of first refusal to supply hydride materials and electrodes for use in manufacture of large hydride batteries by Hyundai.
 ECD/OBC's technology recently gained international acclaim by winning the Toyota Award for Advancement for its proprietary Ovonic hydride batteries for electric vehicles at the worldwide automotive ISATA Conference in Florence, Italy.
 ECD/OBC is working with a major U.S. automotive company and is in the process of concluding additional agreements with companies in Europe. ECD/OBC is currently negotiating with the United States Advanced Battery Consortium an agreement to further develop Ovonic batteries for electric cars.
 OBC has already granted non-exclusive, royalty-bearing licenses under its technology for consumer battery applications to Gates Energy Products of U.S.A., Varta Batterie, AG of Germany, Hitachi Maxell Ltd. of Japan, Sylva Industries Ltd. of Hong Kong, Samsung Electronics Company, Ltd. of Korea, Harding Energy Systems of Grand Haven, Mich., and Sovlux, a joint venture between ECD and KVANT, a U.S.S.R. energy company.
 Ovonic batteries, unlike conventional batteries, contain no toxic materials, have twice the energy density of conventional batteries, have no memory effect and can be made in any size ranging from button cells to batteries for energy storage for utilities.
 ECD, based in Troy, is the pioneer in amorphous and synthetic materials technology. ECD licenses technology and manufactures and sells products in the fields of energy, information and synthetic materials based upon technology ECD and its subsidiaries have developed. In addition to the battery licenses referred to above, the company and its subsidiaries have formed a joint venture in the United States with Canon Inc. of Japan in thin-film photovoltaics for generation of electricity. ECD has also formed a photovoltaic joint venture (Sovlux) with KVANT, a major industrial and energy enterprise in the U.S.S.R. as well as a photovoltaic joint venture in India. ECD has also licensed one of its information products, its proprietary phase change optical memory technology, to Matsushita Electric Industrial Co., Ltd., Asahi Chemical Industry, Co., Ltd., IBM, Sony Corporation and Hitachi Ltd.
 ECD's photovoltaic and battery products are environmentally safe and address such problems as reliance on fossil fuels, which is so threatening to world peace, and environmental problems such as atmospheric pollution, protecting the ozone layer, reducing hazardous waste and the greenhouse effect.
 -0- 12/2/91
 /CONTACT: Stanford R. Ovshinsky of ECD, 313-280-1900; or Subhash K. Dhar of OBC, 313-362-1750/
 (ENER) CO: Energy Conversion Devices, Inc.; Ovonic Battery Company, Inc.;
 Hyundai Motor Company ST: Michigan IN: AUT SU: LIC


ML -- DE009 -- 8360 12/02/91 12:36 EST
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Date:Dec 2, 1991
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