Texaco Energy Systems and Ovonic Battery to Develop NiMH Batteries
Texaco Energy Systems Inc. (White Plains, NY) and Ovonic Battery Co. Inc. (Troy, MI), a subsidiary of Energy Conversion Devices, have formed Texaco Ovonic Battery Systems to invest $150.0 million over the next few years to develop NiMH batteries for commercial production. The batteries are to be used to power electric vehicles and hybrids.
"We are pleased to expand our relationship with Texaco, which has proven to be a leader in advanced energy development," say ECD president and CEO Stanford Ovshinsky and Chairman Robert Stempel. "With the projected growth in the HEV market, Texaco Ovonic Battery Systems looks forward to offering ECD's NiMH battery technology to the worldwide automotive market as well as developing it for non-automotive applications."