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Valence Gains Win With Siemens

Austin-based Valence Technology reports that the firm has signed a memorandum of understanding with Siemens Drive Technologies Division, a supplier of products for the production machinery and machine tools industry, covering development of energy storage systems. According to Valence, the firm will develop battery solutions compatible with Siemens hybrid systems for marine applications. Valence already supplies similar systems for Siemens hybrid drive systems for the bus market. Financial details of the MOU were not disclosed. Valence Technology is a developer of lithium phosphate batteries.