ovonic battery company (obc) was formed in 1982 as a joint venture between ecd ovonics and detroit, michigan-based american natural resources company (anr) to capitalize on the rechargeable nimh batteries which mr. ovshinsky had invented. anr had invested $23 million before backing out of the venture in 1995, at which point ecd ovonics purchased anr for $8 million in stock and notes, leaving obc as a wholly owned subsidiary of ecd ovonics.