[Detroit Free Press]
Energy Conversion Devices files for bankruptcy
as solar energy lags
In the latest setback for the solar energy industry, Auburn Hills-based Energy
Conversion Devices said today that it has filed for Chapter 11 bankruptcy and
intends to sell its assets, including its main subsidiary United Solar Ovonic.
ECD also said it has sold its Ovonic Battery Co. to BASF Corp. for $8 million
in cash before transaction fees and other factors.
Long before it turned its focus to solar energy, ECD had pioneered
nickel-metal-hydride batteries. The company was founded in Detroit by Stanford
Ovshinsky, a famous local scientist and inventor, 51 years ago.
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