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Texaco Closes Purchase of 20 Percent Interest In Energy Conversion Devices, Inc.

1 June 2000

Texaco Closes Purchase of 20 Percent Interest In Energy Conversion Devices, Inc.

    TROY, Mich., June 1 Texaco and Energy
Conversion Devices, Inc. announced today the closing and
purchase of a 20 percent equity interest in Energy Conversion Devices, Inc.
(ECD) by Texaco in the amount of $67.4 million.
    This closing completes the equity transaction portion of the Agreement
first announced on May 2 as part of the relationship between the two companies
focused on advanced energy technologies.  Discussions are underway to
establish joint ventures for the continued development and commercialization
of ECD's proprietary technologies, Ovonic Solid Hydrogen Storage System and
Ovonic Regenerative Fuel Cell.
    Texaco's interest in ECD will be managed by Texaco Energy Systems Inc., a
wholly owned subsidiary of Texaco Inc., formed in 1999 to harness the
company's fuel conversion expertise to advance commercialization activities in
the areas of fuel cells and hydrocarbons-to-liquids.
    Operating in more than 150 countries worldwide, Texaco explores for and
produces crude oil, natural gas and natural gas liquids; manufactures and
markets high quality fuels and lubricants; operates trading, transportation
and distribution facilities; and produces alternate forms of energy.
    Headquartered in Troy, Mich., ECD and its network of business partners and
licensees are manufacturing cutting edge products in three rapidly growing
global markets:  information technology, energy generation and energy storage.