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Cobasys to Explore Alternatives to Support Growth Strategy
14 March 2007
Cobasys announced today that its owners, Energy Conversion Devices, Inc. (ECD Ovonics), through its affiliate Ovonic Battery Company, Inc., and Chevron Technology Ventures (CTV), a subsidiary of Chevron Corporation, have agreed to explore strategic alternatives for Cobasys.
The company has already been awarded contracts to supply the battery and control systems for eight major hybrid electric vehicle (HEV) production and/or development programs. These include providing battery systems and controls for the Saturn Aura and the Saturn Vue Green Line, the recently announced Chevrolet Malibu hybrid and a contract to develop lithium battery systems for the new General Motors plug-in hybrid (PHEV) development program.
Cobasys says it expects that this exploration of alternatives will enable it to further capitalize on global opportunities for integrated energy storage solutions in the rapidly growing hybrid electric vehicle and stationary power industries.
We’re honored to have been selected as the supplier for the majority of North American and European OEM hybrid battery system programs awarded over the last two years. We are now well positioned to capitalize on future opportunities with these and other customers and to take the next logical step in our growth strategy.
—Thomas Neslage, President and Chief Executive Officer of Cobasys
ECD Ovonics and CTV have engaged financial advisors to assist in the process. ECD Ovonics will be represented by UBS Investment Bank and CTV will be represented by Goldman, Sachs & Co. The parties are not disclosing the timing or the alternatives under consideration.
March 14, 2007 in Batteries | Permalink | Comments (27) | TrackBack (0)
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Posted by: sjc | March 24, 2007 at 01:09 PM
Was anyone here watching ?
The EV1 never was offered for sale. Then, they took it away from the people that wanted it. Get the picture yet ? Then, they crushed every last one of them. Now, do you get it ?
GM fought against the California Air Resource Board. Now do you see it ?
Good grief ! GM isn't going to give us the electric vehicle unless we force them to, with laws...... do you see it ?
Ovonic Battery had the cutting edge battery technology at one time. GM bought out controlling interest in them. Then, they sold their controlling interest to Chevron. Funny thing happened........the Toyota RAV4 suddenly no longer became available. Get the picture ?
Big Oil, the demons of our planet. Greedy basta...
The answer is to pass laws.
Posted by: Joe | December 29, 2007 at 06:36 PM
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Chrysler had the EPIC minivans at LAX airport running daily for years using NiMH. That was quite a bit of accelerated life test data done in a short time. When someone mentions lithium batteries, I recall the fires that have happened in the holds of commercial airliners over the years caused by laptops that were checked in. I know that different technologies and quality control can reduce those hazards, but a bank of these batteries 1000 times the capacity of a laptop and a short could be a lot of downside.