Valence Technology has emerged from the Chapter 11 business reorganization process as a privately held company, and closed on a $20-million loan provided by its new owner, Berg & Berg Enterprises, LLC.
Silicon Valley developer and VC investor Carl Berg helped found Valence and has served on its board of directors since 1991.
Valence manufactures a variety of cells and energy storage products, including 18650-format cells that use a patented lithium iron magnesium phosphate chemistry.
“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,” said CEO Joseph Fisher. “This cash infusion also allows us to capture growth in a number of markets where we are today witnessing strong demand for our offerings.”
Source: Valence via Green Car Congress