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Texaco and Energy Conversion Devices Form Joint Venture

1 November 2000

Texaco and Energy Conversion Devices, Inc. Form Hydrogen Storage Joint Venture

        Company Will Further Develop and Advance the Commercialization
              of the System to Store Hydrogen in Metal Hydrides

    TROY, Mich., Oct. 31 Texaco Energy Systems Inc. (TESI) and
Energy Conversion Devices, Inc. (ECD) today announced the
formation of Texaco Ovonic Hydrogen Systems L.L.C., a 50-50 joint venture to
further develop and advance the commercialization of ECD's technology to store
hydrogen in metal hydrides.  This hydrogen storage system is unique when
compared to other forms of hydrogen storage, which rely upon compression or
liquid hydrogen technology.
    Under the terms of the joint venture agreement, ECD will provide
proprietary technology, while TESI will provide additional technological
support and funding during the product development and pre-production phase of
the company's operations.
    Commenting on the announcement, William M. Wicker, Texaco Inc. Senior Vice
President, said, "The formation of Texaco Ovonic Hydrogen Systems further
extends the strategic relationship Texaco and ECD established earlier this
year.  ECD's proprietary metal hydride hydrogen storage technology has the
potential to overcome one of the key challenges to making fuel cells and other
hydrogen-dependent energy sources practical, efficient and safe.  We are
confident that the formation of this joint venture will move us forward to
achieving this important goal."
    In a joint statement, Stanford R. Ovshinsky, ECD President and CEO, and
Robert C. Stempel, ECD Chairman, said, "At ECD, we have focused for many years
on a seamless hydrogen system that can make the hydrogen economy a reality.
This joint venture is an important contribution to the overall system."