Valence Technology Congratulates Smith Electric Vehicles on Delivering the “Smith Newton” Electric Truck in Washington, DC
AUSTIN, Texas--Valence Technology, Inc. , a U.S.-based manufacturer and supplier of lithium iron magnesium phosphate energy storage solutions, today congratulated its customer, Smith Electric Vehicles, on the delivery of the newest and largest fully-electric fleet truck in North America.
The 120-kilowatt electric trucks were handed over today in a ceremony in Washington, DC, to Coca-Cola, Staples, Frito-Lay, AT&T, Pacific Gas & Electric Company and Kansas City Light & Power.
“The Smith Newton electric truck demonstrates that smart business and green business savvy go hand-in-hand. We congratulate Smith Electric, a true industry leader and innovator, for accomplishing this important milestone,” said Robert L. Kanode, President & CEO, Valence Technology. “Valence Technology is proud to supply the safest, longest-cycling lithium-ion advanced battery solutions for this groundbreaking fleet application. Here in the US, we are starting to see the green automotive industry move faster and reach further than ever before, and the Smith Newton serves as a prime example of just how much can be accomplished.”
“These trucks will make an immediate, positive impact on our country and our planet, reducing operators’ carbon footprints and greenhouse gas emissions, and tremendously benefiting future generations to come. The Smith Newton is also smart business – a Valence Technology battery system in a fully-electric vehicle saves on maintenance and energy costs.”
The Smith Newton electric truck is powered by U-ChargeŽ, lithium-ion advanced batteries from Valence Technology, and features a 120-kilowatt induction motor that can deliver a range of more than 100 miles on a single charge. The newest electric fleet trucks are emissions-free, run without noise or vibration and can reclaim kinetic energy during start-stop urban operations through regenerative braking. The on-board battery charger can achieve a full battery system recharge in as little as 6 hours.
Compared to fleet vehicles powered by traditional fuels and lead-acid batteries, the Smith Newton electric trucks stand to save companies significant costs in routine maintenance each year.
Since 2005 Valence has shipped more than 70 megawatt-hours of energy, or the equivalent of 3,600 electric cars. Valence energy storage solutions can be found in products from Smith Electric (delivery vehicles), Brammo (electric motorcycle), Segway (personal transporters) and PVI (commercial electric trucks in partnership with Renault Trucks).
About Valence Technology, Inc. Valence Technology is an international leader in the development of lithium phosphate energy storage solutions. The company has redefined lithium battery technology and performance by marketing the industry’s first safe, reliable and rechargeable lithium iron magnesium phosphate battery. Founded in 1989, Valence today offers a proven technology and manufacturing infrastructure that delivers ISO-certified products and processes that are protected by an extensive global patent portfolio. Headquartered in Austin, Texas, Valence has facilities in Nevada, China and Northern Ireland. Valence is traded on the NASDAQ Capital Market under the ticker symbol VLNC. For more information, visit www.valence.com.
Safe Harbor Statement. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary substantially from these forward-looking statements as a result of a variety of factors. The risk factors that could affect actual results are discussed in our periodic reports filed with the Securities and Exchange Commission, including our Report on Form 10-K for the year ended March 31, 2009, 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.