Thursday, Valence Technology, Inc. (VLNC) announced the signing of a multi-year supply agreement with hybrid buses supplier Wrightbus. Valence Technology is US-based a supplier of high-energy power systems.
According to Valence Technology, the new agreement secures the relationship between the two companies through 2016. Besides, the company expects the 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.
Wright Group product development director, Damian McGarry, said, "The teams from Wrightbus and Valence Technology have been working together since 2005. The relationship has only strengthened as we develop our future hybrid product range throughout the U.K. and Europe."
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