Quarton Partners Represents Energy Conversion Devices, Inc. in the Sale of Ovonic Hydrogen Storage to Vodik Labs
Monday, September 12, 2011
Birmingham, Michigan – Quarton Partners is pleased to announce that Ovonic Hydrogen Storage (“OHS”), a division of Energy Conversion Devices, Inc. (“ECD”), has been acquired by Vodik Labs, LLC. OHS is a leader in supplying safe, compact and refillable hydrogen storage systems for portable, mobile and stationary applications. OHS’ storage canisters are based upon a proprietary metal hydride storage system, which absorbs hydrogen into a solid metal alloy where it is safely stored in an inert state. OHS offers superior volumetric density and safety attributes relative to high-pressure compressed gas and cryogenic liquid alternatives. Quarton Partners acted as the exclusive investment banking advisor to ECD in managing the sale process.
Energy Conversion Devices, Inc. (Nasdaq: ENER) is a global leader in building-integrated and rooftop photovoltaics. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to clean, renewable energy using proprietary technology. ECD’s UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. The company also designs, manufactures and installs rooftop photovoltaic systems, which enable customers to transform unused rooftop space into a value-generating asset. ECD’s Ovonic Materials Division includes the Ovonic Battery Company, the inventor and worldwide licensor of nickel-metal-hydride battery technology and the developer of proprietary advanced lithium-ion cathode materials, along with other emerging energy storage technologies. ECD’s Ovonyx joint venture is the inventor and worldwide licensor of phase change memory (PCM) technology.
About Quarton Partners
Quarton Partners, headquartered in Birmingham, Michigan, is a specialty investment banking firm, serving privately held and publicly traded companies, as well as private equity firms. Quarton Partners assists its clients with mergers and acquisitions, private capital raising, restructurings, valuations, and other financial advisory services. Its principals have successfully completed hundreds of engagements in a wide variety of industries across the U.S. and throughout the world. Quarton Partners is a division of Leonard & Company, Michigan’s largest independent broker/dealer.