                Energy Conversion Devices Announces Completion of
                 $87.8 Million Private Placement of Common Stock

      Rochester Hills, Mich., Feb. 16, 2005 ? Energy Conversion Devices, Inc.
(ECD Ovonics) (NASDAQ:ENER) announced today that it has completed the $87.8
million private placement of its common stock previously announced on February
10, 2005. ECD Ovonics sold 5,090,000 shares of common stock at a price of $17.25
per share to 65 institutional investors. A registration statement will be filed
with the Securities and Exchange Commission (SEC) within 10 days for the resale
of the common stock. The shares may not be resold until the registration
statement is declared effective by the SEC.

      ECD Ovonics plans to use the net proceeds of this transaction to double
the manufacturing capacity of United Solar Ovonic's triple-junction, thin-film
amorphous silicon photovoltaic products; to exercise the option to purchase for
$4.55 per share the 4,376,633 shares of ECD Ovonics' common stock held by TRMI
Holdings, Inc., an affiliate of ChevronTexaco Corporation; and for general
corporate purposes, including research and development investments.

      After ECD Ovonics exercises the above-mentioned option, the net proceeds
from this private placement will be approximately $67.9 million (prior to the
deduction of fees and expenses) and the post-exercise number of shares
outstanding will have increased by 713,367 shares, or 2.8%.

      "This private placement, which had significant demand from institutional
investors, is an expression of confidence in our future business plans and
commercialization of our products and technologies," said Robert C. Stempel,
Chairman and CEO of ECD Ovonics. "It will also allow us to expand the
manufacturing capacity of our wholly owned subsidiary, United Solar Ovonic, to
meet the growing demand for its Uni-Solar products."

      The securities offered by ECD Ovonics to accredited investors in the
private placement have been sold in reliance on an exemption from the
registration requirements of the Securities Act of 1933, as amended (the
"Securities Act"). The securities have not been registered under the Securities
Act or any state securities laws, and the securities may not be offered or sold
absent registration or an applicable exemption from the registration
requirements of the Securities Act and applicable state securities laws. This
press release does not and will not constitute an offer to sell or the
solicitation of an offer to buy shares in any jurisdiction in which such offer
or solicitation is prohibited.


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About ECD Ovonics:
ECD Ovonics is the leader in the synthesis of new materials and the development
of advanced production technology and innovative products. It has invented,
pioneered and developed its proprietary, enabling technologies in the fields of
energy and information leading to new products and production processes based on
amorphous, disordered and related materials. ECD Ovonics' proprietary advanced
information technologies include Ovonic phase-change electrical memory, Ovonic
phase-change optical memory and the Ovonic Threshold Switch. The Company's
portfolio of alternative energy solutions includes Ovonic thin-film
continuous-web amorphous solar cells, modules, panels and systems for generating
solar electric power; Ovonic NiMH batteries; Ovonic hydride storage materials
capable of storing hydrogen in the solid state for use as a feedstock for fuel
cells or internal combustion engines or as an enhancement or replacement for any
type of hydrocarbon fuel; and Ovonic fuel cell technology. ECD Ovonics designs
and builds manufacturing machinery that incorporates its proprietary production
processes, maintains ongoing research and development programs to continually
improve its products and develops new applications for its technologies. ECD
Ovonics holds the basic patents in its fields. More information on ECD Ovonics
is available on www.ovonic.com.

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This release may contain forward-looking statements within the meaning of the
Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on assumptions which ECD, as of the
date of this release, believes to be reasonable and appropriate. ECD cautions,
however, that the actual facts and conditions that may exist in the future could
vary materially from the assumed facts and conditions upon which such
forward-looking statements are based.


Contacts:
--------
Stephan W. Zumsteg, Vice President and CFO
Ghazaleh Koefod, Investor Relations
Energy Conversion Devices, Inc.
248.293.0440


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