Valence Technology (VLNC) Lands $7.2 Million Lithium Battery Order From EVI For UPS Vehicles

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10:16:02 am on August 30, 2011

It’s been a rough year for lithium battery stocks, but every once in awhile some good news emerges such as the $7.2 million lithium battery order Valence Technology (VLNC) received from Electric Vehicles International (EVI) to be used in 100 UPS trucks around California.  No word on when the vehicles would be placed into service.

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"Valence is the exclusive advanced battery supplier to EVI, and we are proud to partner with them and UPS to further introduce environmentally clean electric delivery vehicles in the state of California. We feel this order is substantial evidence that leading international commercial fleet companies understand the cost effectiveness and environmental benefits of electric vehicles powered by Valence batteries," said Robert L. Kanode, president and chief executive officer of Valence Technology.

Shares really aren’t moving on the news today and are trading close to the flat line, but are looking much better technically in recent weeks.  The stock has held support around the $1 level and a run up appears promising.

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