ECD Ovonics and Other Parties to the Arbitration Request ICC to Extend Date for Issuance of Decision

Parties engaged in settlement negotiations

ROCHESTER HILLS, Mich., May 17 -- Energy Conversion Devices, Inc. (ECD Ovonics) announced today that the parties to the arbitration proceeding between ECD Ovonics and its related companies and Matsushita Battery Industrial Co., Ltd., Toyota Motor Corporation and related companies have requested that the International Chamber of Commerce extend the date for issuance of its decision until July 2004 in light of the parties' settlement negotiations.

This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions which ECD Ovonics, as of the date of this release, believes to be reasonable and appropriate. ECD Ovonics cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based.