Valence Technology Inc (VLNC) Applies For $608 Million Federal Loans

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10:06:37 am on April 3, 2009

Valence Technology just announced that it has applied for $608 million worth of low-interest federal loans from the U.S. Energy Department’s Advanced Technology Vehicles Manufacturing Incentive. If it receives the loans, it plans to use them to build a $760 million manufacturing plant near Austin, Texas. The planned plant would be able to supply lithium batteries for over 250,000 electric and hyrbrid vehicles each year.

Robert Kanode, Valence’s president and CEO, commented on the loan application in the Austin Business Journal:

“As an industry leader, we are well positioned to qualify for these loans as our technology and manufacturing processes are mature, proven and transferable. We have been manufacturing in high volumes for the past four years at our Suzhou, China facilities and have been looking for an opportunity to expand into the United States.

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I am a resident of Leander,Tx. It was published in our local newspaper that Valance is considered openig a manufacturing facility here. Is that still a possibility ?


B. J. Timmermann

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