Cobasys Clarifies Information Contained in The Detroit News Article

TROY, Mich., Nov. 15, 2004 -- On November 3, 2004 The Detroit News published an article titled "Firm's prospects bright in alternative energy field." This article contained certain inaccurate information about Cobasys LLC (Cobasys). For purposes of clarification, Cobasys wishes to confirm the following:

* The reported comments concerning the settlement terms and conditions and royalties and payments with Toyota and two other Japanese battery makers were incorrect. The parties reached an amicable settlement on mutually satisfactory terms that will help them meet the requirements of the expanding hybrid electric vehicle (HEV) market. Details of the settlement are confidential. The settlement has been disclosed in ECD's report on form 8-K filings with the U.S. Securities and Exchange Commission on July 7, 2004.

-- The statement that the Toyota Prius hybrid car is built with technology developed by Energy Conversion Devices (ECD) is not accurate. There was a settlement agreement reached with Toyota and other battery makers to which Cobasys and ECD were parties concerning the technology and patents related to nickel metal hydride batteries.

-- The parties mutually agreed to settle their claims against one another and entered into an amicable resolution of all disputes. Under the terms of the settlement, no party admitted any infringement of patents or any improper use of technology or any other liability.

* The battery manufacturing facility located in Springboro, Ohio is owned by Cobasys. Prototype production of batteries and systems at that facility began in 2003. The plant will require significant capital investment to become fully capacitized.

Cobasys designs and manufacturers advanced Nickel Metal Hydride (NiMH) battery system solutions for transportation markets, including HEV, Electric Vehicles (EV) and 42 volt applications, and developing Stationary back-up power supply systems for large Uninterruptible Power Supply systems (UPS) and Telecom requirements.

Cobasys is a joint venture between ChevronTexaco Technology Ventures, an operating unit of ChevronTexaco Corporation and Energy Conversion Devices, Inc. though its majority owned subsidiary, Ovonic Battery Company. For more information about Cobasys' products and its people, visit our website at http://www.cobasys.com/ .