Valence Announced Authorized Funding from the IDB

August 12, 1999 by Jeff Shepard

Valence Technology Inc. (Henderson, NV) announced that the Industrial Development Board (IDB) of Northern Ireland has authorized funding of up to 1,800,000 Pounds Sterling (US$3 million) for the expansion of Valence's lithium-polymer battery manufacturing facility in Mallusk, Northern Ireland. The existing plant, which currently encompasses 80,000 square feet, will be expanded to accommodate the addition of a third coating line operation. The IDB also approved additional funding of 60,000 Pounds Sterling (US$100,000) per year for the next two years to be used to reduce the annual lease payment on a second building, totaling 50,000 square feet. "The expansion of our Northern Ireland manufacturing facility provides us with additional capacity for our films and finished battery capabilities," stated Chairman and CEO Lev Dawson. "We believe that the Valence Lithium Polymer batteries which are manufactured in Northern Ireland will rapidly become the premier mobile energy solution for the coming digital age. We appreciate the IDB's support of our efforts and are very pleased with our continuing and successful relationship with them."