Valence Technology has emerged from the Chapter 11 business reorganization process as a privately held company. The US Bankruptcy Court for the Western District of Texas approved Valence’s exit from Chapter 11 on 13 November. As a part of the exit process, Valence closed on a $20-million loan provided by its new owner, Berg & Berg Enterprises, LLC.
Silicon Valley real estate developer and venture capital investor Carl Berg helped found Valence and has served on the board of directors since September 1991.
Valence common stock (which traded over the counter with the symbol VLNCQ) was cancelled effective 13 November 2013.
Valence Technology develops and manufactures safe, long-life modular lithium iron magnesium phosphate energy storage solutions. Applications range from commercial electric vehicles to industrial and marine equipment. 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, manufacturing facilities in China, and global fulfillment centers in North America and Europe.