Energy Conversion Devices Enters Joint Venture in Germany
10 May 1999
Energy Conversion Devices Enters Joint Venture To Manufacture Electric and Hybrid-Electric Vehicles in Germany
FRANKFURT, Germany, May 10 -- Energy Conversion Devices, Inc.
(ECD) , EV Global Motors Company (EVG) and Unique Mobility, Inc.
(Amex: UQM) today announced the formation of a joint venture, Unique Mobility
Europa, GmbH (Unique Europa), to manufacture and sell battery-electric,
hybrid-electric and fuel cell electric vehicles for world markets. Unique
Europa, a limited liability company, is headquartered in Mittweida, near
Leipzig, in the Free State of Saxony, Germany.
Unique Europa's first product will be an all new, purpose-built minivan
using an innovative composite body structure and an advanced battery powered
electric drivetrain. Vehicle design was done in cooperation with Storz Design
of Zell am See, Austria, and body and chassis engineering is being done in
cooperation with Concept Engineering of Bosau, Germany.
Mr. Robert C. Stempel, chairman of ECD, said, "In addition to providing
quiet, pollution-free city transportation, the van is an efficient and cost
effective alternate to conventional fuel vehicles." Configured as either a
2-passenger cargo van or a 6-passenger commuter van, the vehicle will be
powered by ECD's Ovonic nickel-metal hydride (NiMH) batteries and Unique
Mobility's integrated permanent magnet traction drive. European distribution
will be handled by Handelsgruppe K.G. Techno-Einkauf (Techno Group) through
specially appointed Volkswagen dealers.
Mr. Ray Geddes, chairman and chief executive officer of Unique Mobility,
said, "Suppliers to the emerging EV and HEV markets, such as Ovonic Battery
and Unique Mobility, need higher volumes to warrant investment in automated
production. The Unique Europa joint venture will not only provide us with a
volume customer, but will also give us the first steps towards the critical
mass to lower costs for other EV and HEV customers."
ECD is a 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 alternative energy and advanced information technologies. ECD
developed the proprietary NiMH battery and, with its joint venture partner,
General Motors, is producing NiMH batteries for electric vehicles at its GM
Ovonic facilities. Mr. Stanford R. Ovshinsky is president and chief executive
officer of ECD.
EV Global Motors (Los Angeles, California) is a private company formed by
Mr. Lee Iacocca to develop and market lightweight electric vehicle
transportation. Mr. Iacocca is a member of Unique Mobility's Board and a
shareholder of Unique Mobility and serves as an Advisor to ECD.
Unique Mobility, Inc. is a leading developer and manufacturer of power-
dense, high efficiency motors, gear assemblies and electronics for the
automotive, aerospace and industrial markets. The company is headquartered in
Golden, Colorado, with manufacturing facilities in Frederick, Colorado, St.
Charles, Missouri and Tao Yuan, Taiwan.
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 the
companies, as of the date of this release, believe to be reasonable and
appropriate. The companies caution, 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.