Valence Technology-Powered eVito Taxi

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 vehicles 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 electric 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.”

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."