Valence Technology, Inc. (NASDAQ: VLNC) has contracted to supply lithium phosphate batteries for Smith Electric Vehicles, one of the world’s largest manufacturer of electric vans and trucks.
Smith Electric Vehicles is owned by The Tanfield Group Plc (LSE: TAN).
According to a release, Tanfield will purchase up to $70 million of Valence products in the contract’s first phase and Valence has already received a firm purchase order for the first calendar quarter.
Darren Kell, Chief Executive of The Tanfield Group Plc, said "We are constantly looking for new, cost-effective technologies that can improve our zero emission commercial electric vehicles and broaden our customer base. The Valence battery pack is an efficient, inherently robust and reliable system that gives us greatly increased flexibility in vehicle design."
Tanfield launched the first of its new generation of Smith zero-emission commercial vehicles in December 2006 and has developed a customer portfolio across the UK and mainland Europe, including Sainsbury’s Online, the Royal Mail, TNT Express, Carlsberg, Balfour Beatty, Amey Construction and DHL Exel Supply Chain. Smith launched its first United States-specific vehicle at EVS-23 in California in December 2007.
About Valence Technology, Inc.
Valence Technology says it developed and markets the industry’s first commercially available, safe, large-format family of lithium phosphate rechargeable batteries. The company has its headquarters in Austin, Texas, and facilities in Las Vegas, Nevada, Mallusk, Northern Ireland and Suzhou, China.
About The Tanfield Group Plc
The Tanfield Group Plc is a leading developer and manufacturer of road-going commercial electric vehicles and aerial work platforms. Tanfield is headquartered in Newcastle, United Kingdom with operations in both the North America and EMEA regions. It has two main divisions:
Smith Electric Vehicles, was founded in 1920 and acquired by Tanfield in October 2004. More info available at www.smithelectricvehicles.com.
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