Innovative Business Model is Speeding the Introduction of Electric Delivery Vehicles and Buses in Several Countries
AUSTIN, Texas, May 30, 2012 -- Valence Technology, Inc.
storage solutions, announced today that it has signed an extended supply
agreement with French based PVI, a market leader in electric industrial
vehicles. The recently updated supply agreement, combined with an innovative
partnership begun in 2008, is facilitating an increased adoption of electric
fleet vehicles throughout Europe.
Since launching the program four years ago, more than 120 electric
commercial vehicles, including electric trucks and buses built by PVI and
powered by Valence lithium phosphate battery systems, are in operation today
in several European countries. In addition to the battery systems, Valence
has provided a broad range of engineering support to PVI.
"Valence's long association with PVI is proving successful, due to PVI's
strategy of producing both PVI branded vehicles as well as vehicles for
customers such as major truck and bus manufacturers. PVI is developing and
introducing advanced commercial vehicles within Europe and we believe this
agreement solidifies the value that PVI places on Valence's battery
chemistry and application engineering support," said Robert L. Kanode,
Valence president and chief executive officer.
"PVI's association with Valence Technology was initiated over four years ago
and their advanced battery systems have been invaluable as we introduce all
electric vehicles in Europe. Most importantly, the reliability and safety
tests we have conducted on Valence equipped vehicles have complied with all
expectations for both PVI and also our customers," stated Michel Bouton,
Chief Executive Officer of PVI.
PVI manufactures electric powertrains assembled in various vehicles such as
the OREOS all-electric 22 and 42 places buses, a 26-ton all-electric
municipal refuse collection truck, as well as an all-electric version of a
3.5-ton LCV marketed by Renault Trucks. The OREOS minibuses and midibuses
are deployed throughout France, including such high profile locations such
as Paris with RATP, the Parisian Transport Authority. In addition, the
26-ton Refuse Collection truck is enjoying wide acceptance in municipalities
through France. The LCV offer also serves as a municipal service vehicle as
well as an urban beverage or logistics delivery vehicle. The LCV range is
currently sold and serviced through PVI's Customer and Partner network,
Renault Trucks. Each vehicle is powered by Valence's U-Charge(R) battery
The OREOS electric buses are environmentally-friendly, quiet, and offer an
average range of up to 93 miles without intermediary recharging. The OREOS
electric buses enjoy a top speed in excess of 43 miles per hour, while also
reducing atmospheric pollution by more than 100 tons of CO2 per year.
The electric power train unit used on the OREOS features all of the latest
technological innovations designed and produced by PVI: an electronic
control module for greater transmission efficiency and optimal electrical
energy regeneration upon deceleration and breaking; and a built-in robotic
gear box that provides cutting edge acceleration and gear-change
performances on a par with those in the best conventional vehicles. The PVI
technology also makes the vehicle exceptionally comfortable and safe to
drive on slopes, thanks to the standard in-built release restraint system.
The 26-ton zero emission Refuse Collection truck is specifically designed
for operating in town centers. These compact, highly maneuverable and
totally silent trucks improve the quality of life for local citizens while
providing long term savings against the rising fuel cost of diesel powered
According to Valence Technology's vice president of sales and marketing R.J.
Adleman, "PVI understands the industrial market's expectations for the
availability of new EV models. PVI is consistently able to design and
commercialize vehicles which offer both high reliability and excellent
performance in a much shorter time frame than traditional vehicle
manufacturers. Their ability to introduce these electric vehicles in a
timely manner while maintaining exacting quality standards provides them
with a keen market advantage."
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, manufacturing
facilities in China, 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.