 |
News 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.
###
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
top
|
|
