EVLN(USABC's EV batt Assessment Program)
[The Internet Electric Vehicle List News. For Public EV
informational purposes. Contact publication for reprint rights.]
--- {EVangel}
Valence Technology Receives Purchase Order From USABC to
Participate in Technology Assessment Program
AUSTIN, Texas--(BUSINESS WIRE)--Oct. 11, 2002--
Valence's Saphion(tm) Technology Evaluated by
Representatives From Ford, DaimlerChrysler and GM
Valence Technology Inc. a leader in the development and
commercialization of Saphion(tm) technology and Lithium-ion
polymer rechargeable batteries, today announced that it has
been selected to participate in the United States Advanced
Battery Consortium's (USABC) Technology Assessment Program.
The USABC is comprised of representatives from Ford Motor
Company, DaimlerChrysler, and General Motors Corporation.
Valence's Saphion technology underwent a comprehensive
review by both technical experts and business executives
from all three of the member companies. The USABC's
Technology Assessment Program is used to evaluate
technologies for consideration in the development of
advanced high-performance batteries for electric vehicles.
The program is co-funded by the participating company and
the USABC.
"Having been chosen for this program by market leaders such
as Ford, DaimlerChrylser and GM demonstrates the potential
benefits that Saphion(tm) technology can bring to this
market," stated Stephan Godevais, chairman and chief
executive officer of Valence Technology Inc. "We believe
that Saphion's unique combination of Lithium-ion
performance, cost and safety characteristics makes it an
attractive development platform for the automotive
industry."
"We look forward to the evaluation of Valence Technology's
Saphion cells and are pleased with the commitment to the
effort," stated Mark Verbrugge of the USABC Management
Committee.
The assessment program is expected to last one year and if
successful could lead to more specific development
activities with the USABC Consortium.
About Valence Technology Inc.
Valence is a leader in the development and commercialization
of Saphion(tm) technology and Lithium-ion polymer
rechargeable batteries. Valence has more than 807 issued and
pending patents worldwide, including 262 issued in the U.S.
The company has facilities in Austin, Texas, Henderson,
Nevada, and Mallusk, Northern Ireland. Valence is traded on
the Nasdaq SmallCap Market under the symbol VLNC and can be
found on the Internet at www.valence.com.
About the United States Advanced Battery Consortium
USABC pursues the development of advanced energy storage
systems capable of providing future generations of electric
and hybrid vehicles with significantly increased range and
performance -- at a cost competitive with gasoline-powered
vehicles. Its members include DaimlerChrysler, Ford Motor
Co., General Motors Corp. -- under their United States
Council for Automotive Research (USCAR) and the U.S.
Department of Energy.
"forward-looking statements." CONTACT: Media Contact: Blanc
and Otus Public Relations Sue Ellen M. Schaming,
415/856-5129 [EMAIL PROTECTED] or Investor
Contact: Valence Technology, Austin Kevin Mischnick,
512/527-2900 SOURCE: Valence Technology Inc.
10/11/2002 14:47 EASTERN
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. http://geocities.com/brucedp
. EV List Editor & RE newswires
. (originator of the above EV ascci art)
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