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Battery manufacturer Valence Technology has big plans to expand its manufacturing capacity. To help pay for the investment, the Austin, Texas-based company has applied for a $225 million grant from the U.S. Department of Energy through the Electric Drive Vehicle Battery and Component Manufacturing Initiative. Valence plans to put another $359.4 million from other state and local incentive programs into the project.

Lately, everything seems to be coming up roses for lithium battery maker Valence Technology Inc. Just days after winning out in a patent dispute with the University of Texas, the company announced a battery and support deal that could be worth up to $3 million with commercial vehicle company PVI. That company, which has an agreement with Renault trucks to develop some electrically-powered concept trucks and light commercial vehicles (like the Maxity pictured above), will use Valence's lithium ph