AUSTIN, Texas–(BUSINESS WIRE)–Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S. based global manufacturer of advanced energy storage solutions, today announced a $7.2 million purchase order from Electric Vehicles International (EVI) to deliver lithium phosphate batteries for use in 100 UPS delivery vehicles.
“Valence is the exclusive advanced battery supplier to EVI, and we are proud to partner with them and UPS to further introduce environmentally clean electric delivery vehicles in the state of California. We feel this order is substantial evidence that leading international commercial fleet companies understand the cost effectiveness and environmental benefits of electric vehicles powered by Valence batteries,” said Robert L. Kanode, president and chief executive officer of Valence Technology.
“We tested the EVI vehicle for three months late last year and found the vehicle’s performance to be very impressive. As part of our analysis, we also met with Valence Technology to gain a better understanding of their technology and its life-cycle expectations. We are very comfortable with the due diligence and look forward to placing these innovative vehicles into service,” said Mike Britt, Director of Maintenance & Engineering for UPS.
About Valence Technology, Inc.
Valence Technology is a global leader in the development and manufacture of safe, long-life lithium iron magnesium phosphate advanced energy storage solutions and integrated command and control logic. Headquartered in Austin, Texas, Valence enables and powers some of the world’s most innovative and environmentally friendly applications, ranging from commercial electric vehicles to industrial and marine equipment. Valence Technology today offers a proven technology and manufacturing infrastructure that delivers ISO-certified products and processes that are protected by an extensive global patent portfolio. In addition to the corporate headquarters in Texas, Valence Technology has its Research & Development Center in Nevada, its Europe/Asia Pacific Sales office in Northern Ireland and global fulfillment centers in North America and Europe. Valence Technology is traded on the NASDAQ Capital Market under the ticker symbol “VLNC.” For more information, visit www.valence.com.
Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among other things, our statements regarding further introduction of clean electric vehicles in California, substantial evidence that leading international commercial fleet companies understand the cost effectiveness and environmental benefits of electric vehicles. Our actual results could vary substantially from these forward-looking statements as a result of a variety of factors including: the impact of our limited financial resources on our ability