Valence Technology (VLNC) Providing Lithium Batteries For Mercedes eVito Taxis In London

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08:56:13 am on April 6, 2010

Valence Technology (VLNC) is popping back up above the buck level today on news it’s providing its lithium battery storage systems for the new Mercedes eVito electric taxis in London.  Mayor Boris Johnson has visions of a pollution free London and wants to provide a fleet of electric taxis in time for the 2012 Olympic Games.  Road testing of the taxis will begin right way.

“This is a real game-changer for fleet vehicles,” said Robert L. Kanode, President & CEO, Valence Technology. “Valence has been transporting Londoners for over 4 years in double deck hybrid buses. The eVito Taxi is a logical next step for the city, and Valence is ready to immediately fulfill Mercedes’ high volume energy storage needs with our proven, safe lithium phosphate technology. We are confident the eVito test will demonstrate the same outstanding performance we have consistently delivered in Valence powered electric vehicle fleets on the road today.”

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Shares of VLNC are up nearly 10% in early trading and pushing back above resistance of the 50 day moving average.

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