Energy Conversion Devices Congratulates Congressman Chris Van Hollen for his Vision of Including Green Bank Creation in Jobs Bill

Energy Conversion Devices, Inc. (ECD) (Nasdaq: ENER), the leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, commented today on the letter sent by Congressman Chris Van Hollen to President Obama urging the President to include creation of a Green Bank in the Jobs Bill.

In his letter to President Obama, Congressman Van Hollen proposed the creation of a "Green Bank" separate and apart from the existing bureaucracy of government, similar to the Clean Energy Deployment Administration included in the House-passed American Clean Energy and Security Act, and mandate that the Green Bank support private investment in conventional, job-generating retrofit and clean energy projects across every state in America.

Congressman Van Hollen also noted, "A Green Bank could be capitalized on a one-time basis with $20 billion and never need another dime from government. With an annual budget of less than $200 million and several hundred employees, it could cause more than $200 billion in new private sector investment, propel economic growth and create more than two million good-paying jobs over the next three years. Most importantly, it could launch a new era of broadly shared prosperity in a way that permanently strengthens our national security."

"We continue to be very appreciative of the Obama Administration's efforts to support American clean technology," said Mark Morelli, ECD President and CEO. "As part of the effort to support clean energy and clean technology development, we support Congressman Van Hollen's request that the Green Bank be created and implemented quickly. The most efficient way to do this is in the Jobs Bill. Our American clean technology and clean energy industries need immediate and visible support to continue the recovery that has begun with the stimulus programs. The Green Bank will be a critical partner with private industry to deliver on the promise of job creation and energy independence."