Valence Technology (VLNC) which develops safe lithium phosphate energy storage systems, is announcing today a multi year non exclusive supply agreement with PVI, a French commercial electric vehicle manufacturer.  VLNC will provide its U-Charge XP Energy Storage System and engineering support to power 4 commercial EV platforms and will begin shipments late next year, which could add $3 million in revenue in 2010. 

“This is a major milestone in our company’s history,” said Alastair Johnson, Valence VP. “Since this represents our first supply agreement with a major automotive OEM supplier, we are delighted to be associated with PVI, especially given their work with leading companies such as Renault Trucks. PVI has a long and successful track record of developing innovative commercial vehicles. This agreement speaks to the value that a vehicle developer such as PVI places on Valence’s safe battery chemistry, proven production capacity and technical vehicle integration support.”