Photo Release -- Valence Technology Powers First Electric Bus at Heathrow Airport
September 19 2011 - 8:22AM
Valence Technology, Inc. (Nasdaq:VLNC), a leading U.S. based global
manufacturer of advanced energy storage solutions, today announced
it is supplying the lithium phosphate battery for Heathrow
Airport's first electric bus.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10574
The all-electric Optare Solo, which went into service on
September 5th, shuttles British Airways' staff between Terminal 5
at Heathrow and the British Airways' headquarters at Waterside.
Operated by Flights Hallmark, the Solo is the first all-electric
bus in operation at a UK airport.
"We are very excited about the introduction of the all electric
Solo at Heathrow. Flights Hallmark and British Airways are
exceptional companies and global leaders in sustainability
initiatives. We are confident they will quickly appreciate the many
benefits of the Solo EV," stated Optare CEO Jim Sumner.
"Valence is proud to continue to be at the forefront of
innovation in the development of electric vehicles that are
environmentally friendly and cost efficient. Through our
partnership with Optare and their work with forward looking
companies like British Airways and Flights Hallmark, we are
gratified to be part of high visibility projects such as the Solo
that give further credibility to our technology and demonstrate the
growing momentum for the electric fleet market," stated Valence
president and chief executive officer Robert L. Kanode.
Covering a daily route of between 50 to 60 miles, the
green-branded Solo is expected to log nearly 18,000 miles per year,
reducing CO2 emissions by an estimated 20 tons compared to a
diesel-powered bus.
The Optare Solo's electric drive is powered by a 600-volt
Valence U-Charge lithium iron magnesium phosphate battery system.
The system provides a total capacity of 85 kWh and can be recharged
through regenerative braking in transit and plug-in power at its
base at Heathrow.
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
The Valence Technology, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10210
Safe Harbor Statement:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Actual results, including realization of any revenues from
the sale of batteries to Optare, may vary substantially from these
forward-looking statements as a result of a variety of factors.
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, 2011, 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.
CONTACT: IR Contact:
Bob Gray
Valence Technology, Inc.
512.527.2921
investor@valence.com
PR Contact:
Jeff Fox
The Blueshirt Group
415.828.8298
jeff@blueshirtgroup.com
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