Valence Technologies (VLNC) surged back above a buck today on a $3.1 million lithium battery order from Smith Electric Vehicles.. now if the company could just get an order from a company other than Smith, then I’ll get interested. Valence provides both batteries and charging systems to Smith Electric for both the Smith Edison and Smith Newton electric vehicles which are apparently big in Europe.. just like the Hoff (David Hasselhoff that is 🙂 Delivery for this latest order is expected in March.
CEO Robert Kanode commented, “This latest order reflects both positive momentum for the commercial EV sector outside North America and Tanfield’s continued confidence in our technology. Our advanced U-Charge (R) battery system offers superior battery management to optimize battery performance and assure long life as well as reporting 55 critical data points to on-board systems or any central control center our customers may choose.”
Shares of VLNC were up 13% today, but significantly off the highs of the day, closing back below the 50 day moving average. The buck level has been cleared though. Might not be a bad lotto ticket play down here.