AUSTIN, Texas--(BUSINESS WIRE)--Valence Technology, Inc. (NASDAQ: VLNC), a leading U.S.-based manufacturer of advanced energy storage solutions, announced today that the Mercedes Electric Vito (eVito) Taxi - a seven-seat electric vehicle powered by Valence batteries - was awarded Most Economic & Environment Friendly Multi-Purpose Electric Vehicle at the Royal Automobile Club's (RAC) Future Car Challenge. Held in the United Kingdom earlier this month, the Future Car Challenge drew a crowd estimated at more than 250,000.
The eVito Taxi, which was developed by a consortium comprising of Mercedes Benz (UK), Zytek Automotive, and Valence was among the 60 eco-friendly vehicles competing in the event in three categories - Electric, Hybrid and Internal Combustion Engine. Within each category, entries were measured for the energy used during the drive from Brighton to London. The winners in each category completed the event with the least energy consumed. The Vito finished the 57-mile run with approximately 30 percent of its battery capacity to spare.
"We're very gratified that the eVito outperformed its competition in the Challenge, which we hope will further raise awareness of the bright future Valence is enabling for electric fleets," said Robert L. Kanode, president and chief executive officer of Valence Technology.
The consortium converted the Mercedes Vito to an all electric taxi to fully comply with the demanding requirements of the London Carriage Office to be classified as a London Taxi. The goal of the consortium was to produce a vehicle which could deliver the concept of a pollution-free fleet of taxis in time for the 2012 London Olympic Games.
"As the first company to design a powertrain for a fully homologated electric vehicle, we were excited to take part in the Future Car Challenge to help promote a low carbon future," stated Zytek Automotive managing director, Neil Heslington, who drove the eVito. "In the Challenge, we not only finished with range to spare but won our class, so we have a lot to celebrate."
About Valence Technology, Inc.:
Valence Technology is a global leader in the development and manufacture of safe, long-life lithium iron magnesium phosphate advanced energy storage solutions and integrated command and control logic. Headquartered in Austin, Texas, Valence enables and powers some of the world's most innovative and environmentally friendly applications, ranging from commercial electric vehicles to industrial and marine equipment. Valence Technology today offers a proven technology and manufacturing infrastructure that delivers ISO-certified products and processes that are protected by an extensive global patent portfolio. In addition to the corporate headquarters in Texas, Valence Technology has its Research & Development Center in Nevada, its Europe/Asia Pacific Sales office in Northern Ireland and global fulfillment centers in North America and Europe. Valence Technology is traded on the NASDAQ Capital Market under the ticker symbol "VLNC." For more information, visit www.valence.com.
Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among other things, our statements regarding the bright future we are enabling for electric fleets. Our actual results could vary substantially from these forward-looking statements as a result of a variety of factors including: the impact of our limited financial resources on our ability to execute on our business plan, commercially exploit our technology, respond to unanticipated developments and compete effectively in the marketplace, and that our current equity financing arrangements may not be sufficient to meet our cash requirements and the need to raise additional debt or equity financing to continue as a going concern and/or achieve our corporate goals; our uninterrupted history of quarterly losses and our ability to ever achieve profitability; the overall demand for batteries to power electric vehicles, and the demand for our lithium-ion batteries and lithium phosphate battery technology; our ability to service our debt, which is substantial in relationship to our assets and equity values; the pledge of all of our assets as security for our existing indebtedness; the rate of customer acceptance and sales of our current and future products; our ability to form effective arrangements with OEMs to commercialize our products; the level and pace of expansion of our manufacturing capabilities, including our ability to scale our manufacturing and quality processes at a level necessary to support potential demand; product or quality defects; the level of direct costs and our ability to grow revenues to a level necessary to achieve profitable operating margins to achieve break-even cash flow; our dependence on sole or a limited number of suppliers for key raw materials and components, and the ability of our vendors to provide conforming materials for our products on a timely basis; the level of our selling, general and administrative costs; any impairment in the carrying value of our intangible or other assets; and our ability to achieve our intended strategic and operating goals; international business risks, particularly the many risks inherent in doing business in China; our ability to attract and retain key personnel; the failure to expand our customer base; the effects of competition; the outcome of any current or future litigation regarding intellectual property and general economic conditions. These and other risk factors that could affect our actual results are discussed in our periodic reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended March 31 and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities Exchange Commission. The reader is directed to these statements for a further discussion of important factors that could cause our actual results to differ materially from those in our forward-looking statements. We disclaim any intent or obligation to update these forward-looking statements.
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The class-winning Zytek Mercedes eVito taxi, powered by Valence batteries. (Photo: Business Wire)