Here's the original press release. It does mention that Alliant has had a LPB program, something I had forgotten. I would suspect that Alliant would have also shared their experience with the technology with VLNC. Today's press release was from the parent company and not the joint venture company, in this release, they seem very impressed with VLNC's capabilities as of two years ago.
HENDERSON, NV, October 11, 1996 -- Valence Technology Inc , a research and development company in advanced, rechargeable, lithium polymer battery technology, said it has signed an agreement with Alliant Techsystems Inc to establish a joint venture company to develop and manufacture batteries for the military market.
The joint venture company, Alliant/Valence, L.L.C., will have exclusive rights in the United States to manufacture, package and distribute advanced rechargeable solid polymer electrolyte batteries utilizing Valence's battery technology and technology obtained under Valence's Bellcore license, to customers in the U.S. and international military markets as well as specialized government markets.
The joint venture company will operate a battery fabrication facility at Alliant's Power Sources Center in Horsham, PA. Prototype scale manufacturing is expected to begin in 1997. Valence is expected to supply the electrode laminate materials that are key to manufacturing the high performance batteries.
"Valence has been searching for a way to participate in this important market area," said Calvin L. Reed, president and chief executive officer of Valence Technology, Inc. "Joining with Alliant gives us an active partner with strong experience and an excellent standing in this highly regulated market. Alliant has been very successful in addressing the military battery market and has an outstanding technical reputation."
Reed said the joint venture marks the continuing effort of Valence to expand its markets and to encourage the use of solid polymer electrolyte rechargeable battries in portable devices.
Pat Narendra, managing director, Alliant Power Sources Center, said the joint venture with Valence Technology, Inc. will give Alliant leading-edge rechargeable battery technology for the military market.
"The military has shown increasing interest in rechargeable batteries for a variety of uses, including wearable batteries used by soldiers for sensors, Global Positioning System hardware, and communications equipment, and to power undersea vehicle propulsion and geosynchronous and low earth orbit communication satellites," said Narendra. "The addition of the Valence technology will help us to meet the needs of the military for high-energy rechargeable batteries."
Narendra said Alliant has had a program to develop lithium-ion polymer batteries and has been developing a flexible manufacturing process for polymer batteries under a U.S. government contract.
Alliant's Power Sources Center is a major producer of military and aerospace batteries. It has produced more than 27 million lithium reserve batteries used in munitions and fuses throughout the world. It also produces primary batteries used in interplanetary probes such as the recent Galileo probe to Jupiter and the Huygens mission to be launched next year to Titan, Saturn's moon.
Power Sources Center is part of Alliant's Emerging Business Group, which reported fiscal year 1996 sales from continuing operations of $40 million. The group employs approximately 275 people and has operations in Delaware, Maryland, Minnesota, New Jersey, Pennsylvania, Texas, Utah, and Virginia.
Alliant Techsystems is a $1.2 billion aerospace and defense company with approximately 7,600 employees and operations in 24 states. The company, headquartered in Hopkins, Minn., comprises four business groups: Aerospace Systems, Defense Systems, Marine Systems, and Emerging Business.
The Information contained herein includes forward looking statements that involve risks and uncertainties. The establishment, development and potential success of the joint venture, as well as product development outcomes could differ materially from those presented here, depending on factors both within and outside the control of the company. Other risks are described from time to time in the company's SEC reports, including the company's report on Form 10-K for the year ending March 31, 1996.
Valence Technology, Inc. is engaged in research and development to produce advanced rechargeable batteries based on lithium and polymer technologies. Valence is traded on the Nasdaq National Market under the symbol VLNC.
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