Valence Technology Receives $6.0 Million from IDB

March 12, 2001 by Jeff Shepard

Valence Technology (Henderson, NV) announced that it has received $6.0 million, with an additional $3.0 million expected before the end of March, 2001, as part of a multi-million dollar development grant from the Industrial Development Board (IDB) of Northern Ireland. The grant comes in recognition of the company's commitment to establishing and expanding its battery production factory in Mallusk, Northern Ireland. This brings the total funding received to approximately $16.5 million.

“We obtained this additional funding upon reaching a series of stringent milestones relating to business development and manufacturing production in our Northern Ireland factory," stated Lev Dawson, chairman and CEO of Valence. “We are appreciative of the IDB's confidence and support. There is approximately $15.0 million still available under the existing agreement for future grants, which would bring the total available funding, inclusive of our grants to date, to $31.5 million."