Brammo Motorsports recently got a $10 million infusion of cash through its first set of investors, and now the hopeful maker of electric motorcycles has gotten past another important milestone by officially sourcing its super important batteries. The lithium phosphate units will come from Valence, a company that creates large-format lithium batteries under the Epoch label. These batteries will be able to propel the 280-pound Enertia motorcycle to speeds of over 50 miles per hour with a range of about 45 miles per 3-hour charge.
The Brammo Enertia electric motorcycle is slated to launch this year, though the end of it is coming up pretty quickly these days. There should be two versions of the Enertia available, the cheaper of which will run about $11,995. For those who simply must have the best, the Carbon Limited models, featuring various carbon fiber bits and pieces, naturally, plus a stylish leather seat will go for $14,995. What's it like to ride one? Like this.
Valence and Brammo Sign a Supply Agreement for Lithium Phosphate Energy Storage Solutions
Valence's energy storage solutions to be installed in Brammo's cutting-edge Enertia all-electric motorcycle
AUSTIN, Texas (November 20, 2008) - Valence Technology, Inc. (NASDAQ: VLNC), an international developer of safe lithium phosphate energy storage solutions, announced today that it has finalized a supply agreement with Brammo, Inc., a leading manufacturer of ultra-efficient, lightweight vehicles. Building on a collaborative development process, Valence will provide lithium phosphate batteries for installation in Brammo's Enertia all-electric motorcycle.
"We are very pleased to announce this agreement as it reflects the hard work and collaboration of both the Valence and Brammo teams," said Robert L. Kanode, president and CEO of Valence. "This agreement with Brammo epitomizes our approach to work with our customers from initial introduction to final adoption, which we are currently applying to other companies that are in our development pipeline. We continue to see growing acceptance of our lithium phosphate energy storage solutions in the electric vehicle market as we educate customers on the benefits of our technology."
Weighing only 280 pounds, the Enertia motorcycle is an urban commuter bike that exceeds 50 mph and 45 miles on a single 3-hour charge. At approximately 40 cents per charge or about 1 cent per mile, the Enertia is positioned to be the compelling green alternative for the new urban consumer. The Enertia standard model went on sale in 2008.
"Following the successful completion of $10 million in Series A funding, this supply agreement with Valence was critical as we move forward to bring our Enertia motorcycle to market next year," said Craig Bramscher, CEO of Brammo, Inc. "The battery is the enabling technology for our bike and Valence's chemistry provides both an amazing life cycle and inherent safety not found in other lithium-ion batteries. We have been testing and evaluating their solution for some time and we were impressed by Valence's level of knowledge and support."
While modern motorcycles currently produce up to 15 times the emissions per mile as the average new car or light-duty truck, the Brammo Enertia emits no pollutants or carbon while riding, making it a true zero-emissions vehicle. The lithium phosphate energy storage solutions supplied by Valence contribute to Enertia's extremely low environmental impact. In addition to being fully recyclable, lithium phosphate is also intrinsically safer than other lithium chemistries and contains no heavy metals.
About Valence Technology, Inc.
Valence Technology is an international leader in the development of lithium phosphate energy storage solutions. The company has redefined lithium battery technology and performance by marketing the industry's first safe, reliable and rechargeable lithium phosphate battery. Founded in 1989, Valence today offers a proven technology and manufacturing infrastructure that delivers ISO-certified products and processes that are protected by an extensive global patent portfolio. Headquartered in Austin, Texas, Valence has facilities in Nevada, China and Northern Ireland. Valence is traded on the NASDAQ Capital Market under the ticker symbol VLNC. For more information, visit www.valence.com
About Brammo, Inc.
Brammo (http://www.brammo.com) is a premier specialty vehicle manufacturer developing sustainable performance products for the next generation of transportation. Through integration of digital engineering and high impact design, Brammo transforms ideas into compelling products. Located in Ashland, Oregon the company was founded in 2002 and is privately held.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary substantially from these forward-looking statements as a result of a variety of factors. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements is the actual level of product that Brammo purchases under the agreement; as well as other factors detailed in Valence's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q, to which the reader is directed for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements.