Valence Completes $20 Million Financing

October 08, 2001 by Jeff Shepard

Valence Technology Inc. (Henderson, NV) announced that it has secured $20.0 million in financing through Berg and Berg Enterprises LLC, an affiliate of Carl Berg, who is a director and major shareholder of the company.

Stephan B. Godevais, Valence president and CEO, said, "In August 2001, we set forth a detailed business strategy designed to establish Valence as a leader in the energy solutions market. The completion of this financing not only speaks to the strong support of our business strategy by Carl Berg but is also a critical step toward providing Valence with the financial stability to successfully implement this strategy."