Lithium phosphate battery maker Valence Technology Inc. (VLNC), Tuesday said it signed a multi-year non-exclusive agreement with electric vehicle maker, PVI, to supply U-Charge XP Energy Storage Systems. Revenue from the deal is expected to reach around $3 million in fiscal 2010. Valence share is currently gaining over 10% on the Nasdaq.
The shipments of the lithium phosphate battery systems would begin in the fourth quarter of fiscal 2009. Valence Technology will also provide engineering support as part of the deal to power four commercial EV platforms.
Valence also noted that its lithium phosphate battery would power concept trucks and demonstrators of light commercial EV vehicles including an all-electric version of the Maxity recently announced by PVI and Renault.
Pierre Midrouillet, Managing Director, PVI said, "We will be incorporating Valence solutions not only into the all-electric Maxity concept truck, but also into a number of our other EV projects."
PVI is a Renault partner for alternative fuel technologies in trucks, such as CNG or full electric drivelines.
VLNC is currently trading at $2.48, up $0.23 or 10.22%, on a volume of 84,254 shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.