FOR IMMEDIATE RELEASE
Austin, Texas - February 7, 2018
Lithium Werks B.V. (www.lithiumwerks.com), a fast growing lithium ion battery and portable power solutions group, announced today that they have acquired substantially all the assets of Valence Technologies, Inc. (www.valence.com) including the customer relationships, global manufacturing, sales and distribution locations along with all of Valence's Proprietary Lithium Magnesium Iron Phosphate intellectual property (IP), trademarks, and inventory. The IP portfolio also includes patents on high voltage battery materials for potential future battery breakthroughs.
Lithium Werks B.V. with its subsidiaries in USA, Europe and China, intends to continue supplying the high quality Valence Modules and Battery Management System to global energy storage customers, as well as introduce new form factors and enhanced Battery Management Systems improving both energy and power densities while extending functionality.
"We are excited about the new opportunities that Valence provides to expand the Lithium Werks product offering for our customers", said T. Joseph Fisher III, CEO, president and co-founder of Lithium Werks. "It's a very complimentary fit with talented people, innovative technologies, world class lithium battery solutions and leading OEM customers."
"This is the first acquisition of Lithium Werks and it immediately provides the company with a strong global presence", said Knut H. Nylænde, chairman and co-founder. Nylænde is CEO of Xeilon AS a Norwegian private equity group that specializes in providing formation capital for companies with strong management teams and global opportunities. Xeilon led the funding of the transaction.
Valence Technologies, Inc. was originally formed in 1989 and is recognized as a global leader in Lithium Iron Phosphate cells, modules and scalable power systems, featuring long lasting, safe and reliable energy solutions. Valence was the first to introduce lead acid replacement batteries that featured Lithium Iron Phosphate cHemiätry positioning Lithium Werks to overtake traditional lead acid dominated industries such as material handling, UPS, and stationary energy storage.
For more information, please contact:
Mr. Christian F. Ringvold
EVP - Corporate strategy
Lithium Werks, Inc.
+1 (512) 527-2900
Mr. Knut H. Nylænde
Lithium Werks B.V.
+47 47 00 00 00