All claims in the litigation have been dismissed and Valence Technology is free to sell its proprietary lithium magnesium metal phosphate products
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Valence Technology, Inc. (Nasdaq:VLNC) settled its patent dispute with Hydro-Quebec, entering into a settlement agreement that resolves existing litigation with no monetary payment made by either side, and each party bearing its own costs and attorneys fees.
Under the terms of the settlement, all claims in the litigation have been dismissed and Valence Technology is free to sell its proprietary lithium magnesium metal phosphate products, without liability to The University of Texas, Hydro-Quebec, or any of their related entities. In addition, Valence Technology's customers and suppliers are also removed from any liability related to the lawsuit.
"The market has recognized the ability of phosphate-based lithium ion technology to meet the growing demand for reliable, high-performance energy storage in transportation, grid and commercial applications," stated Valence president and chief executive officer Robert L. Kanode. "We are very pleased with the outcome, and believe this is a total vindication of our long-held position that Valence was free to sell its products to whomever it wanted, wherever and whenever it wanted. This settlement ends an almost eight year legal dispute and we believe will help accelerate broad-based market penetration of lithium metal phosphate products."