France's PVI Contracts for Valence Lithium Phosphate Batteries
Valence Technology Inc. has entered into a multi-million, multi-year agreement with France’s PVI to supply its patented lithium phosphate batteries.
Austin-based Valence (Nasdaq: VLNC) makes the lithium phosphate batteries for a variety of electric vehicles including hybrids and plug-in hybrids.
PVI develops and manufactures commercial electric vehicles.
Under the terms of the non-exclusive supply agreement, Valence will provide PVI with its U-Charge XP Energy Storage Systems and engineering support. Valence will begin shipments to PVI in the fourth quarter of fiscal 2009. Valence’s revenue will be approximately $3 million in fiscal 2010, said company spokespeople.
“This is a major milestone in our company’s history,” said Alastair Johnson, vice president of worldwide sales and marketing at Valence. “This agreement speaks to the value that a vehicle developer such as PVI places on Valence’s safe battery chemistry, proven production capacity and technical vehicle integration support.”
With the new agreement, PVI becomes one of nearly 100 companies that are actively testing or have implemented Valence’s energy storage solutions, according to Valence.
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