Cobasys LLC, a joint venture between ChevronTexaco Technology Ventures LLC, a subsidiary of Chevron Corp. and Energy Conversion Devices Inc. (ECD, Rochester Hills, MI), announced that it has granted additional royalty-bearing license rights to Panasonic EV Energy Co. Ltd. (PEVE), a joint venture between
Matsushita Electric Industrial Co. Ltd. (MEI) and Toyota Motor Corp. The expanded rights will permit PEVE to solicit and sell nickel-metal hydride (NiMH) battery products for certain North American transportation applications. In return, Cobasys will receive royalties on PEVE North American sales of NiMH battery products through 2014.
Under the terms of the expanded agreement, Cobasys and PEVE will continue to cross license each other for current and future patents through 2014. They will also maintain their technical cooperation to advance the NiMH battery products and continue their joint development for the next generation of NiMH battery products for hybrid-electric vehicles. The parties have also agreed to evaluate the feasibility of assembling PEVE battery packs at the Cobasys Springboro, OH, manufacturing facility.
"We believe this agreement will complement our core business strategies, provide additional revenue, and enhance our progress toward achieving full manufacturing capacity at our Springboro, OH, plant," said Cobasys President and CEO Thomas Neslage.
