Valence Technology, Inc. (NASDAQ: VLNC) manufactures and markets a large line of lithium phosphate rechargeable batteries and holds a portfolio of issued and patent pending lithium phosphate battery products. Today the company announced it will expand its manufacturing capacity of $35 million per quarter to $50 million per quarter to support anticipated sales of its Lithium Phosphate energy storage systems.
“Increasing our capacity to manufacture additional battery systems will assure we have the capability to fulfill the anticipated demand we believe to be building in our sales pipeline,” Robert L. Kanode, CEO and president of Valence Technology, stated in the press release. “And, with operational full service fulfillment centers in Europe, North America and China we are ready to provide the service and support our customers need.”
The company also recently announced a purchasing agreement with Tanfield Group Plc. Per the agreement, Tanfield will purchase up to $70 million of Valence’s battery products to be used during Phase I of the contract to supply power in all electric, zero-emission commercial delivery trucks manufactured by Smith Electric Vehicles. Smith Electric Vehicles is Tanfield’s UK-based trading division and is the world’s largest manufacturer of electric vans and trucks.
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