Valence Technology, Inc. expects revenue of approximately $12 million for its fiscal 2011 second quarter ended 30 September 2010. This would surpass the high end of the $8 million to $10 million revenue guidance range it issued on 4 August.
Our strategy to seek growth opportunities for our proprietary advanced energy storage solutions within the fleet sector is showing strong results. Our bookings are robust, our short term component supply issues have improved and our manufacturing output has been increased in response to customer demand. We are very pleased with our strong top line results for the second quarter and feel that Valence’s position within the market continues to strengthen.—Robert L. Kanode, president and CEO
Among its recent wins, in September, Valence signed a multi-year supply agreement with Wrightbus, the United Kingdom’s leading independent supplier of hybrid buses for public transportation systems. Building on a relationship between the parties since 2005, this agreement establishes Valence Technology as the battery supplier of choice for Wrightbus’ future hybrid product range. (Earlier post.)