Valence Technology Exits Chapter 11 Bankruptcy
Li-ion battery manufacturer Valence Technology, based in Austin, TX, announced that soon will exit Chapter 11 bankruptcy, which the firm filed in mid-2012:
“I am pleased to announce that yesterday the US Bankruptcy Court for the Western District of Texas approved Valence Technology’s plan to exit Chapter 11. As part of that exit plan, Valence today closed on a $20 million loan provided by its new owner, Berg & Berg Enterprises, LLC.
This significant improvement to our balance sheet allows us to continue to provide the same high quality modular energy storage solutions and world-class support you have come to expect from us. This cash infusion also allows us to capture growth in a number of markets where we are today witnessing strong demand for our offerings.”
The company went bankrupt after experiencing high continuous quarterly losses.
Before Chapter 11, Valence Technology was the supplier of li-ion batteries to Brammo, EVI, Optare, PVI, Smith Electric Vehicles, etc.
The companies production facility is located in Suzhou, China.:
“Established in May 2004 with an initial investment of $15 million, two facilities located in close proximity provide over 100,000-square-feet of manufacturing space for U-Charge® and employ over 400 people.”
Hopefully, Valence Technology will be able to succeed this time around.