Valence will provide U-Charge systems to Smith U.S. during the third and fourth fiscal 2010 quarters, as Smith U.S. continues to ramp up production of its Newton electric truck line at its Kansas City production facility. The total value of the shipments over the two quarters is expected to approximate $1.4 million.
The Smith Newton delivers a top speed of 50mph and offers end users battery ranges from 50 – 120 miles on a single charge. Smith U.S. commenced production of the Newton in November and is expanding its production capabilities in line with customer demand for 2010.
"We are pleased to be working with Smith Electric Vehicles U.S. as a supplier to its Newton vehicle line," said Robert L. Kanode, president and CEO of Valence Technology. "The number of environmentally friendly vehicles on roadways, thanks to Valence Technology energy storage systems, continues to increase around the world."
Valence Technology, headquartered in Austin, Texas, is an international leader in the development of safe, long life lithium iron magnesium phosphate energy storage solutions. Valence Technology is traded on the NASDAQ Capital Market under the ticker symbol VLNC.