Publication date: 24-December-2003 
Source: Crain Communications, Inc.  -Brent Snavely

Energy Conversion Devices raised about $27.9 million in November by selling 2.4 million private shares for $10.46 each and 304,000 private shares at $9.43 each. 

 The institutions are Fidelity Capital Trust in Boston, Heimdall Investment Ltd. in Dallas and CCM Master Qualified Fund Ltd. in Chicago.

Energy Conversion Devices plans to use the money for working capital and capital expenditures, said Craig Roeder, partner with Baker & McKenzie in Chicago and attorney for the company.

The company, which develops a variety of energy and data devices such as fuel cells, batteries and solar cells, reported a loss of $14.2 million on revenue of $14.2 million for its first quarter, which ended Sept. 30.

“They have had a couple of transactions where they have had to commit a large amount of capital to buying out a partner,” Roeder said.

Earlier this year, Energy Conversion Devices lost three corporate partners for three separate development projects.
Energy Conversion Devices also gave the same three investors warrants that give them the right to purchase up to 2.7 million shares of Energy Conversion Devices stock in the future. The sale of the warrants could raise between $37.5 and $43.2 million.

Energy Conversion Devices announced the agreements in November and said then that it planned to file a registration statement with the SEC giving the institutions the option to sell the shares on the open market.