Texas-based battery manufacturer Valence Technology, Inc. (NASDAQ: VLNC) announced the signing of a multi-year supply agreement with Wrightbus, a supplier of hybrid buses for public transportation systems in the United Kingdom. Building on a relationship between the parties since 2005, this agreement establishes Valence Technology as the battery supplier of choice for Wrightbus’ future hybrid product range.
With multiple Valence-powered Wrightbus hybrid buses already on roads in the U.K. & Ireland, this new agreement secures the relationship between the two companies through 2016. Valence expects this initial contract to generate between $19 million to $24 million in battery sales over the six-year term of the agreement, subject to market demand.
The Valence product features a 600-Volt Valence Technology lithium phosphate battery system that powers the electric drivetrain. The battery system can be recharged through an on-board diesel generator or regenerative braking while in transit.
The battery system, in conjunction with the efficiencies of the Siemens ELFA drive, enables greater than a 35% reduction in emissions, as well as more than a 35% increase in fuel efficiency versus even the most efficient diesel powered buses, Valence said.
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