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Valence Signs Supply Agreement with PVI for Lithium Phosphate Energy Storage Solutions

Valence Technology, Inc, an international developer of safe lithium phosphate energy storage solutions, announced today that it has entered into a multi-year non-exclusive supply agreement with PVI for Valence's U-Charge XP Energy Storage Systems. PVI develops and manufactures commercial electric vehicles including electric buses under the GEPEBUS brand and trucks in partnership with Renault Trucks.

Under the terms of the supply agreement, Valence will provide lithium phosphate battery systems and engineering support to power four commercial EV platforms. Valence will begin shipments to PVI in the fourth quarter of fiscal 2009. Based on PVI projections, revenue for Valence from this supply agreement could represent approximately $3 million in fiscal 2010.

"This is a major milestone in our company's history," said Alastair Johnson, vice president, worldwide sales and marketing for Valence. "Since this represents our first supply agreement with a major automotive OEM supplier, we are delighted to be associated with PVI, especially given their work with leading companies such as Renault Trucks. PVI has a long and successful track record of developing innovative commercial vehicles. 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."

PVI and Renault Trucks recently announced an agreement to develop concept trucks and demonstrators of light commercial EV vehicles including an all-electric version of the Maxity. The first demonstrator will be powered by Valence lithium phosphate batteries. The all-electric Maxity represents a significant advancement of how goods can be transported in urban environments with zero emissions.

"This is an exciting time for PVI with a number of significant projects in our pipeline," said Pierre Midrouillet, managing director of PVI. "The supply agreement with Valence is critical because the battery is the enabling technology for our electric platforms. Valence's chemistry provides both safety and long life not found in other lithium-ion batteries. After extensive testing and qualification we have been impressed by Valence's lithium phosphate technology and system integration support. We will be incorporating Valence solutions not only into the all-electric Maxity concept truck, but also into a number of our other EV projects."

PVI joins a diverse group of nearly 100 companies that are actively testing or have already implemented Valence's patented energy storage solutions. Valence's technology powers a variety of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs) and electric vehicles (EVs) including cars, buses, trucks, scooters and motorbikes. With over 400 international patents, Valence holds an extensive domestic and worldwide IP portfolio for phosphate cathode materials, the critical technology pathway for next generation energy storage. This extensive portfolio includes the important categories of Lithium Iron Magnesium Phosphate along with next generation materials Lithium Vanadium-based Phosphate (LVP) and Lithium Vanadium-based Fluorophosphates (LVPF). The patents also extend to Valence's innovative single-step preparative method, known as the Carbothermal Reduction (CTR) process, a key step for large scale, low cost manufacturing.

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