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14 February, 2012 - 21:42
51-year-old Energy Conversion Devices, Inc. a pioneer in materials science and renewable energy technologies, today voluntarily filed a petition for relief under Chapter 11 in the US Bankruptcy Court for the Eastern District of Michigan. As part of its bankruptcy plan, ECD intends to sell through separate sales its wholly owned operating subsidiary United Solar Ovonic LLC (USO) and other assets, including its minority stake in Ovonyx, Inc.
On 13 February ECD sold its majority owned subsidiary, Ovonic Battery Company, Inc. (OBC), to BASF Corporation for the gross purchase price of $58 million in cash before transaction fees, minority participations, and working capital and other adjustments. (Earlier post.) OBC is the inventor and worldwide licensor of NiMH rechargeable battery technology and is pursuing advanced battery technologies, including cathode materials for lithium-ion chemistry batteries. 35 OBC employees have been hired by BASF as[...]
[Published in GreenNews - Read the original article]
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