Valence Batteries Power EnergyCS Plug-in Concept Car for Fleet Testing
November 13 2006 - 9:23AM
Business Wire
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.
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