Valence Technology, Inc. (NASDAQ: VLNC) announced plans to ship an additional 600 lithium phosphate battery systems to OEMtek later this month for converting Toyota Prius hybrid vehicles into Plug-In Hybrid Electric Vehicles.
Valence previously supplied OEMtek with 300 modules which are now being shipped to customers, according to the company release.
Valence said OEMtek’s plug-in hybrid will average 90 miles per gallon at freeway speeds of 60 miles per hour for an average distance of 47 miles on a single charge. For urban driving, it said the vehicle will average more than 150 mpg at speeds under 35 mph for 30 miles on a single charge.
"We are extremely pleased to see OEMtek starting to perform conversions using the custom modules we have worked together on for the past year," said Robert L. Kanode, president and CEO of Valence Technology. "OEMtek is one of more than 100 companies we have been working with for an extended period of time to increase Valence visibility as a major force in the battery industry."
Initially the OEMtek product will only be available in California, Valence said, adding that OEMtek plans to convert about 40 Toyota Prius’s starting in March and will ramp up to 100 monthly conversions by the end of 2008.
Valence said OEMtek plans to start Ford Escape Plug-In Hybrid conversions in late 2008.
About Valence Technology, Inc.
Valence Technology developed and markets a large-format family of lithium phosphate rechargeable batteries. Valence Technology holds an extensive, worldwide portfolio of issued and pending patents relating to its lithium phosphate rechargeable batteries. The company has its headquarters in Austin, Texas, and facilities in Las Vegas, Nevada, Mallusk, Northern Ireland and Suzhou, China.
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