Valence Technology, Inc. (NASDAQ: VLNC), a U.S. based global manufacturer of advanced energy storage solutions, announced a $7.2 million purchase order from Electric Vehicles International (EVI) to deliver lithium phosphate batteries for use in 100 UPS delivery vehicles.
"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.
"We tested the EVI vehicle for three months late last year and found the vehicle's performance to be very impressive. As part of our analysis, we also met with Valence Technology to gain a better understanding of their technology and its life-cycle expectations. We are very comfortable with the due diligence and look forward to placing these innovative vehicles into service," said Mike Britt, Director of Maintenance & Engineering for UPS.
