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Lithium Battery Bulls Are Juiced on Valence

Stocks in this article: PPO VLNC SQM JCI

(Lithium battery makers 2011 forecast article updated with earnings update from Johnson Controls)

NEW YORK ( TheStreet) -- According to a poll on current views of the outperforming lithium battery stocks of last year, users of TheStreet remain particularly bullish about Valence (VLNC) in 2011.

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At the end of 2010, we asked investors, "Which of the 2010 top-performing lithium battery stocks are you still bullish on for 2011?"

The greatest proportion of respondents, 32.3%, said they were most bullish on Valence. Trailing Valence was Johnson Controls (JCI), which garnered 28.3% of the votes.

Polypore (PPO) received 21.2% of the votes, and Sociedad Quimica Y Minera De Chile (SQM) received 11.5% of them. Canada-based Electrovaya picked up 6.7% of the votes.

Now, in a recent 8K filing, Valence says it has entered a loan amendment agreement with lender iStar Tara regarding an original $20 million loan that was extended to the former on Jul. 13, 2005.

Under the agreement, the maturity date of the loan has been extended to Mar. 10, 2012 from Feb. 13, 2011.

The outstanding principal balance on the loan was $14 million as of Jan. 11, 2011.

Also under the agreement, the company will continue to make monthly principal payments of $1 million. In addition, Valence issued a warrant to iStar to purchase up to 100,000 shares of the company's common stock at an exercise price of $1.45 per share on or before Jan. 11, 2014, in connection with the agreement.

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