Battery Currents: Advanced Energy Storage - August 22, 2011
August 22, 2011
Nickel-Metal-Hydride Battery Company Being Sold
Energy Conversion Devices, Inc invented the nickel-metal-hydride rechargeable battery technology that is used in the Prius and in other commercial rechargeable batteries. Now it has decided to sell its Ovonic Battery Company subsidiary as it continues to focus its development efforts on its core solar business. The company primarily makes thin-film flexible solar products and systems for the building and rooftop marketplace. Although Energy Conversion Devices is a pioneer in developing advanced battery technologies, the battery division generates less than ten percent of the parent company’s revenues. The investment bankers managing the bid and sale process expect a sale of Ovonic Battery in three to six months.