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Orion, MI, August 22, 2006�Cobasys, a leading supplier of advanced Nickel Metal Hydride (NiMH) energy storage solutions, today confirmed that it has received a $750,000 Business Development Grant from the Ohio Department of Development (ODOD) for costs associated with the acquisition of machinery and equipment at its Springboro, Ohio manufacturing plant.
Continuing demand for its products has necessitated a substantial investment in Cobasys� manufacturing capabilities and capital equipment. The state of Ohio, recognizing the growth potential of this emerging technology, has elected to make an investment in Cobasys� future. As a leader in the energy storage markets, Cobasys is reaffirming its commitment to create advanced battery system solutions for tomorrow�s hybrid electric vehicles (HEV) and stationary back-up power supply applications.
�We are currently putting resources in place to both support and fuel our rapid growth,� said Jim Greiwe, Vice President of Manufacturing and Plant Manager. �By adding additional machinery and equipment to our plant in Springboro, Ohio, we are creating an infrastructure that allows us to better serve our current customers and support our future business plans.�
This project is considered to be a catalyst for growth at Cobasys which expects to create an additional 150 new jobs in Ohio within the next three years. The company plans to boost sales by targeting additional stationary emergency back-up power customers and expanding its transportation customer base.
Lt. Governor Bruce Johnson, who also serves as director of the Ohio Department of Development stated, "Ohio remains committed to supporting companies that are involved in the development and commercialization of new innovations that will lead us into the future. I would like to thank Cobasys for its investment in Ohio. The growth of companies like Cobasys will keep Ohio in the forefront of new energy technology and demonstrates Ohio's overall strength in advanced technologies."
Cobasys designs and manufactures integrated energy storage solutions for transportation markets, including Hybrid Electric Vehicles (HEV), Electric Vehicles (EV) and 36/42 Volt applications, in addition to Stationary Back-Up power supply systems for Uninterruptible Power Supply (UPS), Telecom and Distributed Generation markets.
Cobasys, is a joint venture between Chevron Technology Ventures LLC, a subsidiary of Chevron Corporation (NYSE: CVX) and Energy Conversion Devices, Inc. (NASDAQ: ENER).
For more information about Cobasys, contact Ray Wagner at 248-620-5700 or visit our website at www.cobasys.com.
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