LT. GOVERNOR ANNOUNCES STATE COMMITMENT TO ENERGY CONVERSION DEVICES

FOR IMMEDIATE RELEASE
April 27, 2006

Columbus, OH -- Lieutenant Governor Bruce Johnson today applauded Energy Conversion Devices' (ECD Ovonics) plan to locate its new hydrogen storage vessels testing facility and hydrogen refueling station in Akron (Summit County). The $10 million project is expected to create 25 high wage, high tech jobs.

"Alternative energies are an important component of Ohio�s technology frontier," said Lt. Governor Johnson, who also serves as state development director. "The Ovonics project represents the type of advanced alternative energy project we need in Ohio to foster growth in an industry that has great potential to create jobs, grow our economy, and alleviate our reliance on foreign sources of energy."

ECD Ovonics is a technology, product development and manufacturing company engaged in the invention, engineering, development, and commercialization of new materials, products, and production technology in the fields of alternative energy technology and information technology. The company's investment in the project includes: $7.5 million in new machinery and equipment and facility upgrades for its hydrogen storage vessel testing facility; $2.5 million in new machinery and equipment; and construction of a hydrogen refueling station.

The facility will be used to test hydrogen storage vessels for automobiles that heat and burn hydrogen oxide that would be used as a gasoline alternative, and to install the vessels in vehicles used for demonstration purposes.

Johnson noted that the Ohio Department of Development has offered a commitment of several incentives to enable ECD Ovonics to move forward with its project. State incentives include: up to $800,000 in Ohio Fuel Cell Initiative Demonstration grant funds; up to $50,000 in Ohio Investment in Training (OITP) funds; and a 45 percent, 10-year Job Creation Tax Credit, valued at an estimated $333,000, that would require the company to maintain operations at the site for 20 years. The grants and tax credit are pending approvals by the State Controlling Board and the Ohio Tax Credit Authority.

Lieutenant Governor Johnson drove the Ovonics Hydrogen Car, a modified Toyota Prius, and inspected the mobile refueling station during a visit to Akron last year.