Texaco and General Motors have announced Texaco’s intent to acquire GM’s share of a joint venture that has developed an advanced battery technology for the automotive market. Under the terms of the memorandum of understanding, Texaco will acquire GM’s 60 percent share of an existing joint venture with Energy Conversion Devices (ECD), a firm in which Texaco already holds a 20-percent interest. GM and Ovonic Battery Co., a subsidiary of ECD, formed the joint venture, GM Ovonic, in 1994 to manufacture and commercialize high-efficiency, nickel metal hydride (NiMH) automobile batteries. The joint venture, which will be re-named Texaco Ovonic, plans to fully commercialize and expand its applications to a broad range of energy markets.