Energy Conversion Devices Warrants Exercised for Shares of ECD Common

              ECD Receives Proceeds of Approximately $36 Million

    TROY, Mich., Aug. 1 Energy Conversion Devices, Inc. (ECD)
announced that its warrants were exercised for the purchase of
shares of ECD Common Stock at $20.54 per share.  The warrants expired on
July 31, 2001 at 5 p.m. (EDT).  Proceeds to ECD from the warrant exercises are
approximately $36 million.
    The ECD warrants were issued in May 1998 in connection with a registered
limited public offering of units, each unit consisting of one share of ECD
Common Stock and one warrant.
    ECD is the leader in the synthesis of new materials and the development of
advanced production technology and innovative products.  It has pioneered and
developed enabling technologies leading to new products and production
processes based on amorphous, disordered and related materials, with an
emphasis on advanced information technologies and alternative energy,
including photovoltaics, fuel cells, hydride batteries and hydride storage
materials capable of storing hydrogen in a solid state for use as a feed stock
for fuel cells or internal combustion engines or as an enhancement or
replacement for any type of hydrocarbon fuel.  ECD designs and builds
manufacturing machinery that incorporates its proprietary production
processes, maintains ongoing research and development programs to continually
improve its products and develops new applications for its technologies.  ECD
holds the basic patents in its fields.  ECD's web site address is
http://www.ovonic.com .

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