Automobile battery maker Valence Technology (VLNC) said it has bagged a three-year exclusive agreement worth up to $3.8 million to supply batteries to United Kingdom-based bus maker Optare plc (OPE.L). Optare, which makes single and double-deck buses, had recently won an order from Greater Manchester Integrated Transport Authority for 66 hybrid buses. The order, worth up to US$18.7m, was the largest single order for hybrid buses so far that utilizes the U.K. government’s Green Bus Fund.
Austin, Texas-based Valence said Optare has appointed it as the exclusive supplier of batteries for its newest zero-emissions fleet bus, the fully electric Optare Solo EV. The supply agreement represents up to $3.8 million in battery system sales for Valence Technology.
Robert Kanode, chief executive officer of Valence said, “Thanks to the UK Government’s Green Bus Fund, bus manufacturers are striving to meet stringent carbon reduction quotas while allowing riders to breathe cleaner air by putting more zero-emissions bus fleets on the road.”
The Optare Solo EV bus features a 600-Volt Valence Technology U-Charge lithium phosphate battery system that powers the electric drivetrain. Housed on either side of the centrally mounted drivetrain, the Valence Technology advanced battery banks provide a total capacity of 85 kWh and can be recharged through regenerative braking while in transit, and plug-in power while at base.
Valence, which began operations in 1989, develops long-life lithium iron magnesium phosphate energy storage solutions. United Kingdom-based Optare manufactures bus and mini coaches, and has an annual turnover of GBP90 million.
VLNC closed Wednesday's regular trading at $0.94 on Nasdaq. In the past 52 weeks, the stock traded within a range of $0.74 to $2.24, with an average three-month volume of 876 thousand shares.
For comments and feedback: editorial@rttnews.com