Valence Technology (VLNC) is still a develop stage company so its earnings reports aren’t too critical at this point. More important are the pieces being put in place now for revenues down the road and it appears the company is on that track. We’ve been covering those announcements here in the past few weeks. However, this is still a company probably a few years away from being profitable.
Last quarter the company lost .04/share which … Read the rest
Valence Technology (VLNC) and S&C Electric Company announced that they have signed a Memorandum of Understanding, agreeing to work together to develop and evaluate products for stationary grid-connected electrical energy storage systems.
Jim Sember, Vice President of S&C’s Power Quality Products Division, said, “Renewable energy sources like wind and solar introduce ongoing and unpredictable power variations. The incredibly fast response of advanced battery storage systems allow for compensation of these fluctuations at a level … Read the rest
Valence (VLNC) has signed a memorandum of understanding with Siemens this morning to develop advanced battery storage solutions for marine applications to be compatible with Siemen’s ELFA Hybrid drive marine propulsion system. I for one look forward to the day when battery powered boats are the norm. Gasoline powered boats are highly inefficient and big polluters of lakes, rivers and oceans… that includes noise pollution from jet skis!
Robert L. Kanode, CEO of Valence said, … Read the rest
Altair Nanotechnologies (ALTI) is up nearly 15% in after hours of trading after it was announced the company is receiving $3.8 million from the Office of Naval Research for the ongoing research and design of Altair’s large scale lithium battery storage systems for the potential use on Navy ships as un uninterruptible power supply. The battery would allow the Navy to run only one gas turbine generator efficiently as opposed to two and provide enough … Read the rest
Today, Valence Technology (VLNC) joins the ranks of those companies seeking government cash to build advanced battery production facilities. Just a few weeks ago General Electric announced plans to open an advanced battery production facility in New York and is seeking government funds to help finance it. Valence is applying for a $225 million grant over three years from the US Dept of Energy under the Electric Drive Vehicle Battery and Component Manufacturing Initiative in … Read the rest
Advanced Battery Technologies (ABAT), which recently acquired Wuxi Autocycle to break into the electric bike biz is providing some financial guidance for Wuxi with 3 year projections. ..
Wuxi currently has 4 production lines in operation with production capability of 100 vehicles per day per line but is currently operating at lower than 20% of total capacity.
For the period of May through December of 2009, the company believes Wuxi will contribute revenue of $35.0 … Read the rest
EnerDel just announced that they have signed a contract to supply AC Transit with lithium-ion batteries for buses. AC Transit is buying 16 new hybrid electric fuel cell buses, and EnerDel will supply advanced battery systems for all 16 of them. The buses will be powered by lithium batteries and tanks of hydrogen that fit on top of the vehicles.
In a press release, executives from both AC Transit and EnerDel commented on the deal: … Read the rest
Altair Nanotechnologies just announced that it has raised $14 million (before expenses) from a registered direct offering. Here are the terms of the offering, as described in a company press release:
Under the terms of the transaction, Altair will sell 11,994,469 million common shares at a purchase price of $1.17 per share. Investors will also receive warrants to purchase 0.55 of a common share for each common share purchased. The common shares and warrants … Read the rest
Altair Nanotechnologies just announced a joint agreement with Amperex Technology to help speed up the development of lithium-titanate battery cells for commercial sale. According to the agreement, both companies will provide resources from their respective areas of expertise to engineer, design and test next-generation rechargeable battery cells. The companies will try to improve the performance of lithium-titanate battery cells by increasing cell energy and power density, and the resulting products are expected to be available … Read the rest
Yesterday MDB Capital downgraded EnerDel (HEV) from Buy to Hold based on valuation.
Hat tip to Street Insider
MDB analyst says, “We believe that the company is continuing to build a solid pipeline of potential customers including the possible reemergence of Think Global. This pipeline (including Fisker Automotive) will likely provide the company with significant revenue growth beginning in the back half of calendar 2009. We are maintaining our earnings model for calendar 2010 with … Read the rest