Press Release Today from Valence:
Valence Technology Receives Purchase Order From USABC to Participate in Technology Assessment Program
Valence's Saphion(tm) Technology Evaluated by Representatives From Ford, DaimlerChrysler and GM
Friday October 11, 2:47 pm ET
AUSTIN, Texas--(BUSINESS WIRE)--Oct. 11, 2002-- Valence Technology Inc. (Nasdaq:VLNC - News), a leader in the development and commercialization of Saphion(tm) technology and Lithium-ion polymer rechargeable batteries, today announced that it has been selected to participate in the United States Advanced Battery Consortium's (USABC) Technology Assessment Program.
The USABC is comprised of representatives from Ford Motor Company, DaimlerChrysler, and General Motors Corporation. Valence's Saphion technology underwent a comprehensive review by both technical experts and business executives from all three of the member companies. The USABC's Technology Assessment Program is used to evaluate technologies for consideration in the development of advanced high-performance batteries for electric vehicles. The program is co-funded by the participating company and the USABC.
"Having been chosen for this program by market leaders such as Ford, DaimlerChrylser and GM demonstrates the potential benefits that Saphion(tm) technology can bring to this market," stated Stephan Godevais, chairman and chief executive officer of Valence Technology Inc. "We believe that Saphion's unique combination of Lithium-ion performance, cost and safety characteristics makes it an attractive development platform for the automotive industry."
"We look forward to the evaluation of Valence Technology's Saphion cells and are pleased with the commitment to the effort," stated Mark Verbrugge of the USABC Management Committee.
The assessment program is expected to last one year and if successful could lead to more specific development activities with the USABC Consortium...................
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