Valence Technologies now has what they call a 'third generation' of their battery system. The brand name is 'Epoch' and these are clearly automotive sized batteries. From the outside they look like 12v batteries and are in boxes having standard shape/size/terminals.
For example their group 27 battery has 122 AH, 12.2x6.8x9.2 in, 18.6 kg / 40.9 lbs, discharge max continuous of 200A and max over 10s of 500A, charge rate can also be very high with continuous charge rate of 120A.
They sent out the following press release via e-mail:
AUSTIN, Texas, Mar 11, 2008 (BUSINESS WIRE) -- Valence Technology, Inc. (NASDAQ: VLNC) today announced it plans to increase the company's manufacturing capacity to meet anticipated demand for its safe, industry-leading Lithium Phosphate energy storage systems. By March 31, 2009, Valence plans to have in place an expanded manufacturing capacity of $35 million to $50 million per quarter to support anticipated product sales. As the company's manufacturing capacity expands, Valence believes it can achieve gross margins of approximately 30 percent of revenue with operating profit from 17 percent to 20 percent of revenue.
Valence recently announced it had secured an agreement with Tanfield Group Plc that will result in the purchase of up to $70 million of product during the first phase of the contract to power zero emission, all-electric commercial delivery vehicles. The Valence battery systems are being installed in leading-edge vans and trucks produced by Tanfield's UK-based trading division, Smith Electric Vehicles, the world's largest manufacturer of electric vans and trucks.
"Increasing our capacity to manufacture additional battery systems will assure we have the capability to fulfill the anticipated demand we believe to be building in our sales pipeline," said Robert L. Kanode, CEO and president of Valence Technology. "And, with operational full service fulfillment centers in Europe, North America and China we are ready to provide the service and support our customers need."
About Valence Technology, Inc.
Valence Technology developed and markets the industry's first commercially available, safe, large-format family of lithium phosphate rechargeable batteries. Valence Technology holds an extensive, worldwide portfolio of issued and pending patents relating to its lithium phosphate rechargeable batteries, the only intrinsically safe lithium rechargeable battery. The company has its headquarters in Austin, Texas, and facilities in Las Vegas, Nevada, Mallusk, Northern Ireland and Suzhou, China. Valence is traded on the Nasdaq Capital Markets under the ticker symbol VLNC and can be found on the internet at 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 our statements that we are positioned to realize better execution, improve gross margins, continue to reduce production costs and expenses, realize a strong year in both customer orders and revenue and our financial guidance. Actual results may vary substantially from these forward-looking statements as a result of a variety of factors. Among the important factors that could cause actual results to differ are: the impact of our limited financial resources on our ability to execute on our business plan and the need to raise additional debt or equity financing to execute on that plan; our uninterrupted history of quarterly losses; our ability to service our debt, which is substantial in relationship to our assets and equity values; the pledge of all of our assets as security for our existing indebtedness; the rate of customer acceptance and sales of our products; the continuance of our relationship with a few existing customers, which account for a substantial portion of our current and expected sales in the upcoming year; the level and pace of expansion of our manufacturing capabilities; the level of direct costs and our ability to grow revenues to a level necessary to achieve profitable operating margins in order to achieve break-even cash flow; the level of our selling, general and administrative costs; any impairment in the carrying value of our intangible or other assets; our execution on our business strategy of moving our operations to Asia and our ability to achieve our intended strategic and operating goals; the effects of competition; and general economic conditions. These and other risk factors that could affect actual results are discussed in our periodic reports filed with the Securities and Exchange Commission, including our Report on Form 10-K for the year ended March 31, 2007, and the reader is directed to these statements for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.
SOURCE: Valence Technology, Inc.
for Valence Technology, Inc.
Pierpont Communications, Inc.
Helen Rodriguez, +1 512-448-4950
Pierpont Investor Relations
Michael Russell, +1 512-527-2921
UK Company Contact:
Valence Technology Inc.
Mark Donaghy, +44 28 9084 5401
Global Marketing Manager
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