Valence Technology (VLNC) In $13 Million Deal With Smith Electric Vehicles

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08:45:19 pm on August 2, 2010

Valence Technology (VLNC) could use some good news.  It’s been trading under a buck now for nearly three months.  It got some after the bell today with the announcement of a $13 million order from Smith Electric Vehicles for the U-Charge lithium phosphate energy storage solutions which will be used in Smith electric trucks through the end of the year.  Smith is the nation’s top manufacturer  of electric commercial trucks with its Newton line.

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“On the heels of President Obama’s recent visit to Smith’s Kansas City manufacturing facility, Valence is proud to participate in the administration’s goal to increase the commercialization of electric vehicles while simultaneously stimulating our economy and reducing our dependence on fossil fuels,” said Robert L. Kanode, President and CEO of Valence Technology.

Shares of VLNC are trading up about 8% after hours.

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