Valence Technology Inc., a leading U.S.-based global manufacturer of advanced energy storage solutions for commercial applications, today announced it has received a purchase order valued at$12 million from Wrightbus, for batteries to be delivered through 2015. Leveraging a relationship the two companies have enjoyed since 2007, Valence has been selected as the battery supplier of choice for Wrightbus' range of hybrid vehicles, which are among the cleanest and greenest available anywhere in the world.  Wrightbus, a leading UK supplier of hybrid buses for public transportation systems, will deploy Valence's patented and proprietary lithium iron magnesium phosphate batteries to power these vehicles. 

"We are very pleased to work with Wrightbus as they continually meet the evolving needs of their customers. This order once again demonstrates that we have the technology of choice for leading edge hybrid and electric commercial fleets," said Joe Fisher, chief executive officer and president, Valence Technology.

"Valence has been manufacturing safe, reliable energy storage solutions since 2005. Over the last eight years, we have powered more than 60,000 motive applications including electric trucks, buses, commercial delivery vehicles, scooters, motorcycles, and personal mobility vehicles," continued Fisher. "We continue to work with a diverse group of innovative customers like Wrightbus to develop leading edge applications and new solutions to serve their respective markets globally."

Safe Harbor Stateme

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our statements regarding batteries to be delivered through 2015 and that we have the technology of choice for leading edge hybrid and electric commercial 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; the outcome of our Chapter 11 bankruptcy proceedings; the demand for our batteries and battery technology; product or quality defects; our dependence on sole or a limited number of suppliers for key raw materials and components; international business risks, particularly the many risks inherent in doing business in China; our ability to attract and retain key personnel; the effects of competition; and 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. 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.