Valence plans big battery plant for Austin

From statesman, April 3, 2009...

Valence Technology Inc. will build a $760 million battery manufacturing plant in Central Texas that could employ thousands of people, but the plan relies in part on whether it secures federal stimulus money, executives said Thursday.

The Austin company, which makes rechargeable batteries for electric vehicles, backup power sources and other applications, said it has applied for $608 million in low-interest loans from a federal program designed to spur the development of next-generation cars and trucks.

Valence currently produces its battery systems in China. But its need to expand its manufacturing capacity and an ongoing shift to a new generation of battery-cell technology makes this "a perfect time to consider bringing our expansion plans to the United States," CEO Bob Kanode said.

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