VLNC » Topics » Overview

This excerpt taken from the VLNC 10-Q filed Feb 9, 2009.

Overview

 

We were founded in 1989 and have commercialized the industry’s first lithium phosphate technology. We develop, manufacture and sell high-energy power systems utilizing our proprietary phosphate-based lithium ion technology for diverse applications, with special emphasis on portable appliances and future generations of hybrid and electric vehicles. Our mission is to promote the wide adoption of high-performance, safe, long cycle life, environmentally friendly, low-cost energy storage systems. To address the significant market opportunity we believe is available, we utilize the numerous benefits of our latest energy storage technology, deep intellectual property portfolio and the extensive experience of our management team.

 

We are now in development of our third generation of lithium phosphate energy storage systems, which are expected to be commercially available in the second quarter of calendar 2009. Our third generation of lithium ion products feature our safe, long-life lithium phosphate technology which utilizes a phosphate-based cathode material. We believe that the advanced functionality and programmability of our third generation energy storage systems are well suited for electric vehicle (EV), plug-in hybrid electric vehicle (PHEV) and similar applications. Our third generation lithium phosphate energy storage systems address the safety and limited life weaknesses of other lithium technologies while offering a solution that is competitive in cost and performance. We believe that our third generation energy storage systems offer design and performance capabilities that will facilitate adoption in automotive, industrial, public utility, telecommunications, aerospace and military markets not traditionally served by other lithium ion solutions.

 

This excerpt taken from the VLNC 10-Q filed Nov 10, 2008.

Overview

 

We were founded in 1989 and have commercialized the industry’s first lithium phosphate technology. We develop, manufacture and sell high-energy power systems utilizing our proprietary phosphate-based lithium ion technology for diverse applications, with special emphasis on portable appliances and future generations of hybrid and electric vehicles. Our mission is to promote the wide adoption of high-performance, safe, long cycle life, environmentally friendly, low-cost energy storage systems. To address the significant market opportunity we believe is available, we utilize the numerous benefits of our latest energy storage technology, deep intellectual property portfolio and the extensive experience of our management team.

 

We are now in development of our third generation of lithium phosphate energy storage systems, which are expected to be commercially available in the second quarter of calendar 2009. Our third generation of lithium ion products feature our safe, long-life lithium phosphate technology which utilizes a phosphate-based cathode material. We believe that the advanced functionality and programmability of our third generation energy storage systems are well suited for electric vehicle (EV), plug-in hybrid electric vehicle (PHEV) and similar applications. Our third generation lithium phosphate energy storage systems address the safety and limited life weaknesses of other lithium technologies while offering a solution that is competitive in cost and performance. We believe that our third generation energy storage systems offer design and performance capabilities that will facilitate adoption in automotive, industrial, UPS, telecommunications, aerospace and military markets not traditionally served by other lithium ion solutions.

 

This excerpt taken from the VLNC 10-Q filed Aug 11, 2008.

Overview

 

We were founded in 1989 and have commercialized the industry’s first lithium phosphate technology. We develop, manufacture and sell high-energy power systems utilizing our proprietary phosphate-based lithium-ion technology for diverse applications, with special emphasis on portable appliances and future generations of hybrid and electric vehicles.  Our mission is to promote the wide adoption of high-performance, safe, long cycle life, environmentally friendly, low-cost energy storage systems. To address the significant market opportunity we believe is available, we utilize the numerous benefits of our latest energy storage technology, deep intellectual property portfolio and extensive experience of our management team.

 

In November 2007, we announced Epoch™, our third generation of Lithium Phosphate Energy Storage Systems, which are expected to be commercially available in the second quarter of fiscal 2009. Epoch™ features our safe, long-life lithium phosphate technology which utilizes a phosphate-based cathode material. We believe that the advanced functionality and programmability of the Epoch™ energy storage systems are well suited for electric vehicle (EV), plug-in hybrid electric vehicle (PHEV) and similar applications. Epoch™ lithium phosphate energy storage systems addresses the safety and limited life weaknesses of other lithium technologies while offering a solution that is competitive in cost and performance. We believe that Epoch™ energy storage systems offer design and performance capabilities that will facilitate adoption in automotive, industrial, UPS, telecommunications, aerospace and military markets not traditionally served by other lithium-ion solutions.

 

This excerpt taken from the VLNC DEF 14A filed Jul 29, 2008.

Overview

 

The principal responsibilities of the Compensation Committee are to establish aggregate compensation levels sufficient to retain and attract executives capable of leading the Company to its business objectives including, but not limited to, compliance with corporate governance requirements and the analysis and implementation of a future direction for the Company.  Specifically, it is the responsibility of the Compensation Committee to establish and administer our policies governing employee compensation and to administer our employee benefits plans, including the 1990 Stock Option Plan, 1996 Non-Employee Directors’ Stock Option Plan, the 1997 Non-Officer Employee Stock Option Plan, as amended, and the 2000 Stock Option Plan (collectively referred to as the “Plans”).  The Compensation Committee also evaluates the performance of management.

 

This excerpt taken from the VLNC 10-Q filed Feb 11, 2008.

Overview

 

Valence Technology, Inc. was founded in 1989 and has commercialized the industry’s first lithium phosphate technology. Our mission is to drive the wide adoption of high-performance, safe, low-cost energy storage systems by drawing on the numerous benefits of our lithium phosphate battery technology, the experience of our management team and the significant market opportunity available to us.

 

In February 2002, we introduced our Saphion technology, a lithium phosphate technology which utilizes a phosphate-based cathode material. We believe that lithium phosphate technology addresses the major weaknesses of this existing technology while offering a solution that is competitive in cost and performance. We believe that by incorporating a phosphate-based cathode material, our Saphion technology is able to offer greater thermal and electrochemical stability than traditional lithium-ion technologies, which will facilitate its adoption in large application markets not traditionally served by lithium-ion batteries such as motive power, vehicular, portable appliances, telecommunications, and utility back-up systems. Currently, we offer our lithium phosphate technology in both cylindrical and polymer construction and have initiated the design of a prismatic cell.

 

Key product introductions and milestones based on our Saphion technology include:

 

·

In February 2002, we launched the N-Charge Power System into several channels for sales and distribution, including national and regional retailers, top tier computer manufacturers, and national resellers. We continue to sell the N-Charge product through our reseller channels with an emphasis in the healthcare and education sectors.

 

 

·

In February 2004, we also introduced a prototype of the U-Charge Power System family of large-format products. The U-Charge Power System is in production in our China facilities and is designed to power a variety of motive applications from hybrid and electric vehicles to scooters and wheelchairs, and can also be used in stationary applications.

 

 

·

In March 2005, we announced availability of lithium phosphate powered batteries for Segway Inc.’s products. Our batteries doubled the range of Segway’s Human Transporters compared to the nickel metal hydride batteries that were previously used.

 

 

·

In May 2005, we launched the industry’s first commercially available lithium phosphate power cell. Built with our proprietary Saphion technology, this cell offers the high discharge rates required of power cells with the safety features enabled by our phosphate-based cathode material. Our power cell is designed for use in portable appliances, hybrid and electric vehicles.

 

 

·

In January 2006, we announced availability of eight new models of our large-format lithium phosphate U-Charge XP Power System batteries which feature built in battery management electronics and power rates of 500 to 1700 continuous watts, depending on the model.

 

 

·

In November 2007, we introduced the Epoch battery, our new generation of phosphate-based lithium-ion battery. The Epoch batteries are equipped with an advanced management system that will monitor and adjust cell performance, so battery packs will operate at their optimum performance capacity. Epoch batteries present a safer and more powerful and reliable energy source storage solution designed to be low maintenance, cost competitive, and environmentally friendly.

 

 

·

In February 2008, we entered into a supply agreement with The Tanfield Group whereby we agreed to manufacture and supply Lithium Phosphate energy storage systems to power zero emission, all-electric commercial delivery vehicles. Our battery systems will be installed in leading edge vans and trucks produced by Tanfield’s UK-based trading division, Smith Electric Vehicles. Initial purchases will be fulfilled with our current U-Charge brand of energy storage systems. Subsequent purchases by Tanfield will be fulfilled by our third generation lithium phosphate Epoch technology.

 

As part of our low-cost manufacturing strategy, we have transitioned our powder manufacturing from Las Vegas, Nevada to Suzhou, China in order to capitalize on lower manufacturing costs. During the third quarter of fiscal 2008, we continued our efforts to increase production capacity at our subsidiaries in China. Our research and development efforts are focused on the design of new products utilizing our lithium phosphate chemistry, the scale-up of our second generation lithium phosphate technology, the development of different cell constructions to optimize power and size for new applications, as well as developing future materials based on the lithium phosphate technology attributes.

 

Our business headquarters are located in Austin, Texas, our research and development center is in Las Vegas, Nevada, our European sales center is Mallusk, Northern Ireland, and our manufacturing and product development center is in Suzhou, China.

 

15



 

This excerpt taken from the VLNC 10-Q filed Nov 13, 2007.

Overview

Valence Technology, Inc. was founded in 1989 and has commercialized the industry’s first lithium phosphate technology. Our mission is to drive the wide adoption of high-performance, safe, low-cost energy storage systems by drawing on the numerous benefits of our lithium phosphate battery technology, the experience of our management team and the significant market opportunity available to us.             

 

 

13

 


In February 2002, we unveiled our Saphion ® technology, a lithium phosphate technology which utilizes a phosphate-based cathode material. Traditional lithium-ion technology utilizes an oxide-based cathode material, which has limited its adoption to small applications such as notebook computers, cellular phones and personal digital assistants (“PDAs”) due to safety concerns related to its use in large applications. We believe that lithium phosphate technology addresses the major weaknesses of this existing technology while offering a solution that is competitive in cost and performance. We believe that by incorporating a phosphate-based cathode material, our Saphion® technology is able to offer greater thermal and electrochemical stability than traditional lithium-ion technologies, which will facilitate its adoption in large application markets not traditionally served by lithium-ion batteries such as motive power, vehicular, portable appliances, telecommunications, and utility back-up systems. Currently, we offer our lithium phosphate technology in both cylindrical and polymer construction and have initiated the design of a prismatic cell. We believe offering lithium phosphate technology in multiple constructions will provide us greater flexibility in our response to the needs of the market.

Key product introductions based on our Saphion® technology:

 

In February 2002, we launched the N-Charge ® Power System into several channels for sales and distribution, including national and regional retailers, top tier computer manufacturers, and national resellers.

 

In February 2004, we also introduced a prototype of the U-Charge ® Power System family of large-format products. The U-Charge ® Power System is in production in our China facilities and is designed to power a variety of motive applications from hybrid and electric vehicles to scooters and wheelchairs, and can also be used in stationary applications.

 

In March 2005, we announced availability of lithium phosphate powered batteries for Segway Inc.’s 2005 products. Our batteries doubled the range of Segway’s Human Transporters compared to the nickel metal hydride batteries that were previously used.

 

In May 2005, we launched the industry’s first commercially available lithium phosphate power cell. Built with our proprietary Saphion ® technology, this cell offers the high discharge rates required of power cells with the safety features enabled by our phosphate-based cathode material. Our power cell is optimal for use in portable appliances, hybrid and electric vehicles.

 

In January 2006, we announced availability of eight new models of our large-format lithium phosphate U-Charge ® XP Power System batteries which feature built in battery management electronics and power rates of 500 to 1700 continuous watts, depending on the model.

As part of our low-cost manufacturing strategy, we have successfully transitioned our powder manufacturing from Las Vegas, Nevada to Suzhou, China. This transition allows us to capitalize on lower manufacturing costs. Our research and development efforts are focused on the design of new products utilizing our lithium phosphate chemistry, the scale-up of our second generation lithium phosphate technology, the development of different cell constructions to optimize power and size for new applications, as well as developing future materials based on the lithium phosphate technology attributes.

At $5.6 million, our revenue for the second quarter of fiscal 2008 was in line with our previously announced revenue guidance. Second quarter revenue for fiscal 2008 decreased $824,000, or 12.9%, from the second quarter of fiscal 2007. Gross margin profit was 11.9% for the second quarter of fiscal 2008, compared with gross margin of 16.9% for the second quarter of fiscal 2007. During the second quarter of fiscal 2008, we continued our efforts to increase production capacity at our subsidiaries in China.

Our business headquarters is located in Austin, Texas, our research and development centers is in Las Vegas, Nevada, our European sales is in Mallusk, Northern Ireland and our manufacturing and product development centers is in Suzhou, China.

 

 

14

 


This excerpt taken from the VLNC DEFA14A filed Sep 26, 2007.

Overview

The principal responsibilities of the Compensation Committee are to establish aggregate compensation levels sufficient to retain and attract executives capable of leading the Company to its business objectives including, but not limited to, compliance with corporate governance requirements and the analysis and implementation of a future direction for the Company. Specifically, it is the responsibility of the Compensation Committee to establish and administer our policies governing employee compensation and to administer our employee benefits plans, including our 1990 Stock Option Plan, the 1997 Non-Officer Employee Stock Option Plan, as amended, and the 2000 Stock Option Plan (collectively referred to as the Plans). The Compensation Committee also evaluates the performance of management.

 

This excerpt taken from the VLNC 10-Q filed Aug 9, 2007.

Overview

Valence Technology, Inc. was founded in 1989 and has commercialized the industry’s first lithium phosphate technology. Our mission is to drive the wide adoption of high-performance, safe, low-cost energy storage systems by drawing on the numerous benefits of our lithium phosphate battery technology, the experience of our management team and the significant market opportunity available to us.             

 

In February 2002, we unveiled our Saphion® technology, a lithium phosphate technology which utilizes a phosphate-based cathode material. Traditional lithium-ion technology utilizes an oxide-based cathode material, which has limited its adoption to small applications such as notebook computers, cellular phones and personal digital assistants (“PDAs”) due to safety concerns related to its use in large applications. We believe that lithium phosphate technology addresses the major weaknesses of this existing technology while offering a solution that is competitive in cost and performance. We believe that by incorporating a phosphate-based cathode material, our Saphion® technology is able to offer greater thermal and electrochemical stability than traditional lithium-ion technologies, which will facilitate its adoption in large application markets not traditionally served by lithium-ion batteries such as motive power, vehicular, portable appliances, telecommunications, and utility back-up systems. Currently, we offer our lithium phosphate technology in both cylindrical and polymer construction and have initiated the design of a prismatic cell. We believe offering lithium phosphate technology in multiple constructions will provide us greater flexibility in our response to the needs of the market.

 

Key product introductions based on our Saphion® technology:

 

 

In February 2002, we launched the N-Charge® Power System into several channels for sales and distribution, including national and regional retailers, top tier computer manufacturers, and national resellers.

 

 

In February 2004, we also introduced a prototype of the U-Charge® Power System family of large-format products. The U-Charge® Power System is in production in our China facilities and is designed to power a variety of motive applications from hybrid and electric vehicles to scooters and wheelchairs, and can also be used in stationary applications.

 

 

17

 


 

In March 2005, we announced availability of lithium phosphate powered batteries for Segway Inc.’s 2005 products. Our batteries doubled the range of Segway’s Human Transporters compared to the nickel metal hydride batteries that were previously used.

 

 

In May 2005, we launched the industry’s first commercially available lithium phosphate power cell. Built with our proprietary Saphion® technology, this cell offers the high discharge rates required of power cells with the safety features enabled by our phosphate-based cathode material. Our power cell is optimal for use in portable appliances, hybrid and electric vehicles.

 

 

In January 2006, we announced availability of eight new models of our large-format lithium phosphate U-Charge® XP Power System batteries which feature built in battery management electronics and power rates of 500 to 1700 continuous watts, depending on the model.

 

As part of our low-cost manufacturing strategy, we have successfully transitioned our powder manufacturing from Las Vegas, Nevada to Suzhou, China. This transition allows us to capitalize on lower manufacturing costs. Our research and development efforts are focused on the design of new products utilizing our lithium phosphate chemistry, the scale-up of our second generation lithium phosphate technology, the development of different cell constructions to optimize power and size for new applications, as well as developing future materials based on the lithium phosphate technology attributes.

At $4.1 million, our revenue for the first quarter of fiscal 2008 was in line with our previously announced revenue guidance. First quarter revenue for fiscal 2008 increased $884,000, or 27.9%, from the first quarter of fiscal 2007. Gross margin profit was 13% for the first quarter of fiscal 2008, compared with gross margin of 1% for the first quarter of fiscal 2007. During the first quarter of fiscal 2008, we continued our efforts to increase production capacity at our subsidiaries in China.

Our business headquarters is located in Austin, Texas, our research and development centers is in Las Vegas, Nevada, our European sales is in Mallusk, Northern Ireland and our manufacturing and product development centers is in Suzhou, China.

This excerpt taken from the VLNC DEF 14A filed Jul 31, 2007.

Overview

The principal responsibilities of the Compensation Committee are to establish aggregate compensation levels sufficient to retain and attract executives capable of leading the Company to its business objectives including, but not limited to, compliance with corporate governance requirements and the analysis and implementation of a future direction for the Company. Specifically, it is the responsibility of the Compensation Committee to establish and administer our policies governing employee compensation and to administer our employee benefits plans, including our 1990 Stock Option Plan, the 1997 Non-Officer Employee Stock Option Plan, as amended, and the 2000 Stock Option Plan (collectively referred to as the Plans). The Compensation Committee also evaluates the performance of management.

 

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