Valence (NASDAQ:VLNC)
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Valence Technology, Inc. (Nasdaq:VLNC), a provider of advanced,
phosphate lithium-ion battery systems, has partnered with plug-in hybrid
conversion company EnergyCS to deliver a fuel-efficient concept car for
evaluation by the Sacramento Municipal Utility District (SMUD). The
California-based electric utility company is testing the Valence U-Charge®
powered plug-in to determine its fuel economy and fleet adaptability.
SMUD recently completed its first 1000 miles of testing and will
continue to measure the vehicle’s performance
over the next 2-3 years. Data from the first 1000 miles and additional
testing this summer will be presented along with other early adopter
fleet data this fall.
“This early adopter plug-in hybrid Prius
demonstration project is designed to illustrate the possibility and
provide real world data for public policy making decisions and
scientific evaluation by the industry,” said
Pete Nortman, president of EnergyCS. “SMUD’s
testing is gathering priceless information regarding the real world
impacts toward petroleum reduction and diversification of renewable
energy from the grid into our transportation mix. We’re
also intrigued by the secondary quality of life improvements a plug-in
can provide.”
SMUD’s pre-commercial plug-in hybrid
demonstrator is based on a 2005 Toyota Prius that has been outfitted
with Valence’s Saphion®
phosphate rechargeable batteries and custom electronics designed by
EnergyCS to achieve increased efficiency and expanded operation in all
electric or zero emission operating modes.
"SMUD is excited to be testing one of the first Energy CS Plug-in
Hybrids using lithium ion batteries,” said
Bill Boyce, SMUD electric transportation supervisor. “These
types of advanced energy storage technologies will be important for the
future."
The U-Charge Power System inside the EnergyCS plug-in hybrid electric
vehicle (PHEV) is based on Valence’s
proprietary Saphion technology. Using a cathode material that replaces
metal-oxides with phosphates, this technology creates batteries that are
safer, more chemically stable and environmentally friendly. These
batteries provide more energy with less weight and last longer than
nickel metal-hydride (NiMH) and lead-acid batteries. In addition, they
are maintenance-free and come in 12-volt, standard lead-acid battery
sizes.
“We are excited to be involved with EnergyCS
and SMUD,” said Jim Akridge, President and
CEO for Valence Technology, Inc. “These cars
are paving the way for a new paradigm of real-world vehicle solutions –
fleet transportation that is more efficient and utilizes a diversified
energy mix which includes renewable and other environmentally friendly
technologies.”
In June 2006, SMUD began evaluating the PHEV technology within its fleet
environment to gather data that could also be compared to the
performance of a stock Toyota Prius. Though SMUD plans to officially
release its results later this year, they have already found some
encouraging numbers. The plug-in Prius uses 1/4 of a kilowatt-hour per
mile, which is the equivalent of $1.48 per gallon, in all-electric mode.
Compared to today's gasoline prices in California that are more than
$2.45 per gallon, the technology looks promising.
About Sacramento Municipal Utility District
The sixth largest publicly owned utility company, Sacramento Municipal
Utility District (SMUD) provides Sacramento County and a small part of
Placer County with a community run alternative to electric utility
services that is overseen by an elected board of directors. For 60
years, SMUD has offered customers a reliable source of electricity at
competitive rates that are consistently lower than investor-owned
utilities in the state. SMUD is committed to providing users energy
solutions that meet their needs as well as becoming a positive force in
promoting community benefits.
About EnergyCS
Energy Control Systems Engineering (EnergyCS) is a privately held
company based in Monrovia, California. It provides leading edge
consulting, design and prototyping services for system integration,
management and monitoring of electrochemical energy systems such as
batteries and fuel cells for utilities, OEMs and Tier 1 suppliers. The
company is focused on and particularly interested in applications in the
areas of EV and HEV transportation and alternative energy on systems
from 24 to 1000 VDC.
About Valence Technology, Inc.
Valence Technology developed and markets Saphion®
technology, the industry’s first commercially
available, safe, large-format phosphate Lithium-ion rechargeable battery
technology. Valence Technology holds an extensive, worldwide portfolio
of issued and pending patents relating to its Saphion technology and
lithium-ion rechargeable batteries. The company has facilities in
Austin, Texas; Las Vegas, Nevada; Mallusk, Northern Ireland and Suzhou
and Shanghai, China. Valence is traded on the Nasdaq SmallCap Market
under the symbol VLNC and can be found on the internet at www.valence.com.
Safe Harbor Statement
Some information included in this press release contains forward-looking
statements, within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Act of 1934. Such statements
include information relating to business activities and project
development. These statements can sometimes be identified by the use of
forward-looking words such as “may,”
“will,” “anticipate,”
“estimate,” “except,”
“scheduled,” or “intend”
and similar expressions. Such forward-looking information involves
important risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results may
differ materially from those expressed in any forward-looking statements
made by or on behalf of Valence. These and other risk factors that could
affect actual results are discussed in Valence’s
periodic reports filed with the Securities and Exchange Commission,
including its Report on Form 10-Q for the quarter ended June 30, 2006,
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. The
forward-looking statements included in this press release are made only
as of the date of this release. Valence does not undertake any
obligation to update or supplement any forward-looking statements to
reflect subsequent events or circumstances and cannot assure that
projected results or events will be achieved.
Valence Technology, Inc. (Nasdaq:VLNC), a provider of advanced,
phosphate lithium-ion battery systems, has partnered with plug-in
hybrid conversion company EnergyCS to deliver a fuel-efficient concept
car for evaluation by the Sacramento Municipal Utility District
(SMUD). The California-based electric utility company is testing the
Valence U-Charge(R) powered plug-in to determine its fuel economy and
fleet adaptability.
SMUD recently completed its first 1000 miles of testing and will
continue to measure the vehicle's performance over the next 2-3 years.
Data from the first 1000 miles and additional testing this summer will
be presented along with other early adopter fleet data this fall.
"This early adopter plug-in hybrid Prius demonstration project is
designed to illustrate the possibility and provide real world data for
public policy making decisions and scientific evaluation by the
industry," said Pete Nortman, president of EnergyCS. "SMUD's testing
is gathering priceless information regarding the real world impacts
toward petroleum reduction and diversification of renewable energy
from the grid into our transportation mix. We're also intrigued by the
secondary quality of life improvements a plug-in can provide."
SMUD's pre-commercial plug-in hybrid demonstrator is based on a
2005 Toyota Prius that has been outfitted with Valence's Saphion(R)
phosphate rechargeable batteries and custom electronics designed by
EnergyCS to achieve increased efficiency and expanded operation in all
electric or zero emission operating modes.
"SMUD is excited to be testing one of the first Energy CS Plug-in
Hybrids using lithium ion batteries," said Bill Boyce, SMUD electric
transportation supervisor. "These types of advanced energy storage
technologies will be important for the future."
The U-Charge Power System inside the EnergyCS plug-in hybrid
electric vehicle (PHEV) is based on Valence's proprietary Saphion
technology. Using a cathode material that replaces metal-oxides with
phosphates, this technology creates batteries that are safer, more
chemically stable and environmentally friendly. These batteries
provide more energy with less weight and last longer than nickel
metal-hydride (NiMH) and lead-acid batteries. In addition, they are
maintenance-free and come in 12-volt, standard lead-acid battery
sizes.
"We are excited to be involved with EnergyCS and SMUD," said Jim
Akridge, President and CEO for Valence Technology, Inc. "These cars
are paving the way for a new paradigm of real-world vehicle solutions
- fleet transportation that is more efficient and utilizes a
diversified energy mix which includes renewable and other
environmentally friendly technologies."
In June 2006, SMUD began evaluating the PHEV technology within its
fleet environment to gather data that could also be compared to the
performance of a stock Toyota Prius. Though SMUD plans to officially
release its results later this year, they have already found some
encouraging numbers. The plug-in Prius uses 1/4 of a kilowatt-hour per
mile, which is the equivalent of $1.48 per gallon, in all-electric
mode. Compared to today's gasoline prices in California that are more
than $2.45 per gallon, the technology looks promising.
About Sacramento Municipal Utility District
The sixth largest publicly owned utility company, Sacramento
Municipal Utility District (SMUD) provides Sacramento County and a
small part of Placer County with a community run alternative to
electric utility services that is overseen by an elected board of
directors. For 60 years, SMUD has offered customers a reliable source
of electricity at competitive rates that are consistently lower than
investor-owned utilities in the state. SMUD is committed to providing
users energy solutions that meet their needs as well as becoming a
positive force in promoting community benefits.
About EnergyCS
Energy Control Systems Engineering (EnergyCS) is a privately held
company based in Monrovia, California. It provides leading edge
consulting, design and prototyping services for system integration,
management and monitoring of electrochemical energy systems such as
batteries and fuel cells for utilities, OEMs and Tier 1 suppliers. The
company is focused on and particularly interested in applications in
the areas of EV and HEV transportation and alternative energy on
systems from 24 to 1000 VDC.
About Valence Technology, Inc.
Valence Technology developed and markets Saphion(R) technology,
the industry's first commercially available, safe, large-format
phosphate Lithium-ion rechargeable battery technology. Valence
Technology holds an extensive, worldwide portfolio of issued and
pending patents relating to its Saphion technology and lithium-ion
rechargeable batteries. The company has facilities in Austin, Texas;
Las Vegas, Nevada; Mallusk, Northern Ireland and Suzhou and Shanghai,
China. Valence is traded on the Nasdaq SmallCap Market under the
symbol VLNC and can be found on the internet at www.valence.com.
Safe Harbor Statement
Some information included in this press release contains
forward-looking statements, within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Act of 1934.
Such statements include information relating to business activities
and project development. These statements can sometimes be identified
by the use of forward-looking words such as "may," "will,"
"anticipate," "estimate," "except," "scheduled," or "intend" and
similar expressions. Such forward-looking information involves
important risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results may
differ materially from those expressed in any forward-looking
statements made by or on behalf of Valence. These and other risk
factors that could affect actual results are discussed in Valence's
periodic reports filed with the Securities and Exchange Commission,
including its Report on Form 10-Q for the quarter ended June 30, 2006,
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. The
forward-looking statements included in this press release are made
only as of the date of this release. Valence does not undertake any
obligation to update or supplement any forward-looking statements to
reflect subsequent events or circumstances and cannot assure that
projected results or events will be achieved.