AUSTIN-Valence Technology Inc., which moved its headquarters to Austin earlier this year, has received a $20-million infusion from a major shareholder. The company, which has operations in Henderson, NV and Mallusk, Northern Ireland, develops rechargeable Lithium-ion polymer batteries for mobile electronic devices.
The money, in the form of a loan, comes from Berg & Berg Enterprises LLC, an affiliate of Carl Berg, a company director and shareholder. The loan is for working capital and is to be repaid by Sept. 30, 2005. The company has said it expects to report revenue of $500,000 in the second quarter and a loss of 20 cents to 25 cents a share when it releases financial results Nov. 1. Analysts expect a loss of 25 cents a share, according to Thomson Financial/First Call.
Valence said in June that it would move its headquarters to Austin from Nevada with the hiring of Stephan Godevais, a former Dell Computer Corp. executive, as president and CEO. It has moved into a 9,000-sf office at 6504 Bridgepoint Parkway in Austin’s northwest submarket.