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©gaby-saliba-dreamstime.com Electronics Production | February 15, 2012

Energy Conversion Devices Files Chapter 11

Energy Conversion Device , a US based Solar energy company, filed a Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan yesterday.
As part of its bankruptcy plan, ECD intends to sell its wholly owned operating subsidiary United Solar Ovonic LLC and other assets, including its 39% stake in Ovonyx, Inc. A joint venture with Intel, Ovonyx's licensees include Micron, Samsung, Hynix, and ST Microelectronics, among others.

Sale of United Solar

USO, which will continue to operate during the sale process, has also voluntarily filed a petition for relief under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Michigan. USO manufactures flexible, lightweight thin-film photovoltaic products for use in the commercial rooftop and building-integrated markets.

Sale of OBC and Other Businesses and Assets

On February 13, 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. OBC is the inventor and worldwide licensor of nickel-metal hydride ("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 part of this transaction.

Disposition of Solar Integrated Technologies

Solar Integrated Technologies, Inc. ("SIT"), a U.S.-based wholly owned subsidiary of ECD, has voluntarily filed a petition for relief under Chapter 7 in the U.S. Bankruptcy Court for the Eastern District of Michigan in a separate proceeding. SIT is an engineering, procurement and construction management company with solar installations in the U.S. and Western Europe. As a result of this filing, SIT and its European subsidiary, Solar Integrated Technologies GmbH, will continue to operate, though separately from ECD and USO, during the disposition of the SIT proceeding.

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