Milestone: Valence Ships 200,000th Battery
AUSTIN -- Valence Technology, Inc., an international manufacturer and supplier of safe lithium phosphate energy storage solutions, today celebrated an important company milestone -- 200,000 Valence batteries shipped since 2005. In this time, Valence's battery solutions have provided 70 MWh of clean power, which is the equivalent of the energy needed to power 6,500 electric vehicles. Valence's technology is shipped in high-volume commercial products, and powers a variety of applications including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and electric vehicles (EVs) including cars, buses, trucks, scooters and motorbikes.
"As this milestone demonstrates, we believe that Valence is the number one worldwide supplier of lithium phosphate energy storage systems," said Robert L. Kanode, President and CEO of Valence. "In addition, our recent supply agreements confirm that Valence's safe chemistries, robust intellectual property and customized solutions meet the stringent demands of any top-tier EV or hybrid manufacturer."
The 200,000 battery shipment milestone is a direct result of the company's worldwide business development strategy, which has leveraged Valence's Northern Ireland office to focus on Europe, where strict emissions standards and high gasoline prices have moved the European EV market beyond the stage of early adopters. Valence applications, which contain no heavy metals, are well suited for large hybrid trucks and buses and personal electric vehicles. As a result, while most US-based lithium battery manufacturers are still in testing, Valence's focus on the emerging European market has yielded significant results.
"Valence's value is evident in the fact that we have an increasing share of the European Motive market for large electric commercial and mass-transit trucks, vans and buses," said Alastair Johnston, Vice President of Worldwide Sales and Marketing for Valence. "Our company is uniquely positioned as the only North American company shipping large-format, high capacity lithium phosphate batteries for EV applications - and we can deliver in volume, right now."
Valence In Use
Over 100 companies have purchased Valence's patented energy storage solutions. Among this diverse group of technologies powered by Valence are:
-- PVI, a manufacturer for Renault Trucks, which signed a supply agreement in December 2008. PVI will place Valence batteries in Renault Trucks' all-electric Maxity.
-- Smith Electric Vehicles, a division of the Tanfield Group PLC, is the world's largest manufacturer of road-going commercial zero emissions EVs. Valence battery packs have helped Smith's EVs to achieve a range of 50 to 100 miles. Recently, Ford stated that it would collaborate with Tanfield to produce battery-electric versions of the Ford Transit and Transit Connect, commercial vehicles sold in Europe.
-- Wrightbus, which uses Valence's lithium phosphate batteries in thirteen of London's hybrid double decker buses.
-- Oxygen SpA, which provides its Cargoscooter to some of Europe's largest postal companies, uses Valence's lithium phosphate batteries to power its mail delivery scooters.
-- Brammo Motorsports, which recently selected Valence to power its Enertia, an all-electric motorcycle.
In addition to a number of successful customer contracts, Valence recently completed the multi-million dollar expansion of its ISO-certified Suzhou, China facilities, which will enable the company to produce up to 100,000 metric tonnes of cathode material each month.
"Valence's manufacturing facilities are state of the art and our patent portfolio is rich," said KC Lim, Ph.D, Chief Technical Officer for Valence. "With over 400 patents both domestically and worldwide, we own the critical technology pathway for next generation energy storage, including the patent for our single-step preparative method, known as the Carbothermal Reduction (CTR) process, a key step for large scale, low cost manufacturing."
Valence controls key intellectual property in the important categories of Lithium Iron Magnesium Phosphate, as well as next generation materials Lithium Vanadium-based Phosphate (LVP) and Lithium Vanadium-based Fluorophosphates (LVPF).
About Valence Technology, Inc.
Valence Technology is an international leader in the development of lithium phosphate energy storage solutions. The company has redefined lithium battery technology and performance by marketing the industry's first safe, reliable and rechargeable lithium phosphate battery. Founded in 1989, Valence today offers a proven technology and manufacturing infrastructure that delivers ISO-certified products and processes that are protected by an extensive global patent portfolio. Headquartered in Austin, Texas, Valence has facilities in Nevada, China and Northern Ireland. Valence is traded on the NASDAQ Capital Market under the ticker symbol VLNC. For more information, visit www.valence.com.
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