FRANK INGRISELLI TO ASSIST ECD WITH NEW BUSINESS DEVELOPMENT

President Global Venture Investments, Formerly President, Texaco Technology Ventures

Rochester Hills, Mich., Nov. 12, 2001 - Energy Conversion Devices, Inc. (ECD) (NASDAQ:ENER) announced today that it has engaged Frank C. Ingriselli to provide consulting services related to its global activities. Mr. Ingriselli, prior to forming a new energy technology consulting firm, was President of Texaco Technology Ventures responsible for overseeing Texaco's investments in advanced energy technologies. As part of the recent merger between Chevron Corporation and Texaco Inc., Mr. Ingriselli elected early retirement from Texaco and formed Global Venture Investments LLC, of which he is President and CEO.

Stanford R. Ovshinsky, President and CEO, ECD, said, "I am very pleased that Frank has agreed to assist us with new business developments utilizing our alternate advanced energy technologies."

While President of Texaco Technology Ventures, Mr. Ingriselli worked closely with ECD not only in the development of the battery, hydrogen storage and fuel cell joint ventures between Texaco and ECD, but also in their ongoing activities toward commercialization. Commenting on his engagement, Mr. Ingriselli stated, "I now have the opportunity to focus my efforts not only in deriving value from the existing ECD joint ventures, but also assisting ECD in the acquisition and development of new business opportunities utilizing the various game-changing technologies which ECD has developed."

"Frank's wide operating experience, both in the United States and overseas, will be helpful as we expand our numerous business activities worldwide," said Robert C. Stempel, Chairman, ECD.

ECD is the leader in the synthesis of new materials and the development of advanced production technology and innovative products. It has pioneered and developed enabling technologies leading to new products and production processes based on amorphous, disordered and related materials, with an emphasis on advanced information technologies and alternative energy, including photovoltaics, fuel cells, hydride batteries and hydride storage materials capable of storing hydrogen in the solid state for use as a feed stock for fuel cells or internal combustion engines or as an enhancement or replacement for any type of hydrocarbon fuel. ECD designs and builds manufacturing machinery that incorporates its proprietary production processes, maintains ongoing research and development programs to continually improve its products and develops new applications for its technologies. ECD holds the basic patents in its fields. ECD's web site address is http://www.ovonic.com.

Frank C. Ingriselli is President and CEO of Global Venture Investments LLC, a recently formed executive management consulting group focusing primarily in the areas of energy technologies and global new business development. Prior to holding the position as President of Texaco Technology Ventures, Mr. Ingriselli, working in Texaco's executive group, had oversight for Texaco's worldwide operations in its Power and Gas operation, pipeline operations and merger and acquisition activities.

Previously, Mr. Ingriselli was President and CEO of the Timan Pechora Co., a Russian joint venture company owned by Texaco, ExxonMobil, Amoco and Norsk Hydro and which at the time represented the largest foreign investment in Russia. In his 23-year career at Texaco, Mr. Ingriselli held numerous positions within Texaco's executive group including responsibilities for the development and management of operations in Europe, Asia, Africa and Australia. Mr. Ingriselli graduated from Boston University in 1975 with a Bachelor of Science degree in Business Administration. He earned a Master of Business Administration degree from New York University in both Finance and International Finance in 1977, and a Juris Doctor degree from Fordham University School of Law in 1979. Global Venture Investments web site address is http://www.gvest.com.

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This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on assumptions, which ECD, as of the date of this release, believes to be reasonable and appropriate. ECD cautions, however, that the actual facts and conditions that may exist in the future could vary materially from the assumed facts and conditions upon which such forward-looking statements are based.

Contact:
Ghazaleh Koefod
Energy Conversion Devices, Inc.
248-293-0440

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