Valence Technology (VLNC) announced this morning that it received a $1.4 million order from Smith Electric Vehicles for its U-Charge lithium battery systems to be shipped in the latter half of next year. Smith is ramping up production of its Newton electric truck line at the Kansas City plant to meet demand for next year.
VLNC is up about 10% on the news, but well off the morning highs. It’s trying to find support around the buck level here.