Cobasys to Provide Battery Systems for Saturn Hybrid SUV (ENER, CVX)

Includes: CVX, ENER
by: Mark Anderson

Cobasys announced this week that it will provide its advanced NiMHax® Nickel Metal Hydride (NiMH) battery systems for GM's 2007 Saturn VUE Green Line SUV which will be made available to consumers in the summer of 2006. [more]

Cobasys is a joint venture partnership between Energy Conversion Devices Inc (ticker: ENER) and Chevron Technology Ventures LLC, a subsidiary of Chevron Corporation (ticker: CVX)

ENER has been trading nicely for the last couple of months. However, it has run into upside resistance at the 52 week high. The stock is currently over-bought and I would be a buyer of this stock below $40.

ENER 6-Month Chart.