Valence Technology, Inc. (NASDAQ: VLNC), a U.S.-based manufacturer and supplier of lithium iron magnesium phosphate batteries, today announced it has signed a memorandum of understanding with Siemens Drive Technologies Division–a unit of Germany’s Siemens (NYSE: SI)–to develop modular and scalable battery systems compatible with Siemens’ ELFA® Hybrid drive marine propulsion system.
The ELFA® Hybrid drive range is already in use in buses, cranes and boats with over 8 million hours recorded on systems from leading bus manufacturers as well as selected boat manufacturers.
Robert L. Kanode, CEO and President, Valence Technology, said, “Valence energy storage solutions have been in operation with Siemens hybrid drive trains for over three years in Wrightbus buses, who have multiple hybrid double deck buses operating in London. I was delighted when we were approached to formalize an agreement to develop battery solutions compatible with Siemens hybrid systems for marine applications.”
As industry follows the global trend toward greener propulsion systems with significant reduction of CO2 and noise, Siemens said it intends to strengthen the development of its ELFA® Hybrid drive range.
With around 39,900 employees worldwide Siemens Drive Technologies achieved in fiscal year 2008 total sales of EUR 8.9 billion.
Austin, Texas-based Valence is seeking millions in federal stimulus funding to build two battery and component production facilities in Texas.
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