ECD Ovonics Grants Patent License to L&K Battery Technology of China
Energy Conversion Devices, Inc. (ECD Ovonics) announced that its subsidiary, Ovonic Battery Company, Inc. (Ovonic Battery), has entered into a patent license agreement in connection with its proprietary nickel metal hydride (NiMH) battery technology with L&K Battery Technology Co., Ltd. (L&K Battery) of the People's Republic of China. Under the consumer battery license grant, L&K Battery has a royalty-bearing, nonexclusive right to make, use and sell NiMH batteries for consumer nonpropulsion applications.
In a statement, Stanford R. Ovshinsky, ECD Ovonics President and Chief Scientist and Technologist and CEO of Ovonic Battery, said, "We welcome L&K Battery as a licensee of our Ovonic NiMH battery technology. We have long recognized the strategic importance of a strong license network within the People's Republic of China. L&K Battery's decision to become an Ovonic licensee is a reflection not only of our very strong patent position, but also of a long-time positive relationship with China. We look forward to a lasting cooperation between our companies."