Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S. based global manufacturer of advanced energy storage solutions, announced today it will supply the lithium phosphate batteries for a new electric vehicle designed by Courb. Valence will join Courb at the official launch of their C-ZEN vehicle at the Geneva Motor Show.
A revolutionary design for a passenger vehicle, the C-ZEN can be legally driven in many European countries and is targeted at urban commuters, particularly the younger generation of drivers. The all-electric vehicle has been designed from the ground up to utilize Valence’s patented lithium phosphate batteries. The C-ZEN has a range of up to 205 kilometers (125 miles) with a top speed of 110 km/hour (68 mph) and is powered by a 15kW electric motor.
“Valence has been supporting and developing the on-board electrical power system for this innovative vehicle over the past two years. We believe Courb’s leadership and technical team possess the true innovative spirit necessary to make their electric vehicle a winner in this developing field. We are very pleased to be a key partner with Courb and look forward to powering their vehicles for many years to come,” stated Valence president and chief executive officer Robert L. Kanode.
Hervé Arnaud, CEO of Courb, said, “Valence has been an indispensable technical partner these past two years and their energy efficient, pollution-free batteries are a critical component in the C-ZEN. In addition, Valence’s service and technical expertise have been world-class."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 our statement regarding looking forward to powering Courb’s vehicles for many years to come. Actual results may vary substantially from these forward-looking statements as a result of a variety of factors, including the quantity of batteries purchased, the commercial success of our products and Courb’s products and the performance and pricing of our products. Other risk factors that could affect our actual results are discussed in our periodic reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended March 31, 2010, and our Quarterly Reports on Form 10-Q, 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.
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