NEW CASTLE, Pa., Nov. 13, 2013 /PRNewswire/ -- Axion Power International, Inc., (OTC QB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, announced today that the Company has received a purchase order, along with a substantial down payment, for a PowerCube™ to be commissioned into a solar project. The Cube will provide storage for energy created by the solar panel system and also service the frequency regulation market. The $320,000 purchase order includes batteries, racks, wiring, data communication system and electronics coordination (electronics and power system to be provided by Owner). The project has been in the works for some time and the Company expects to ship all equipment to the site in the current quarter of 2013, with installation to begin immediately.
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Axion's PowerCube has proven its effectiveness and reliability by providing daily frequency regulation and demand response services in the PJM grid utility network for the last two years. PJM is the nation's largest power transmission organization serving more than 58 million people in all or parts of 13 states. The solar storage adaptation of the PowerCube was developed with data extracted from the PJM network model, including the important "frequency regulation market" component.
Axion Power Chairman and CEO Tom Granville noted that inquiries on PbC-enabled energy power systems and the PowerCube have increased substantially in the last several months from potential customers throughout the U.S. and from island nations in the Caribbean. In the islands, and in other offshore territories, renewable energy has become increasingly important because the grid - where it is available - is not always reliable, and fossil-fuel generated energy has continued to rise in expense, and has continued to pollute the environment.
Granville added, "This solar initiative is exactly the kind of application we have been targeting since we first introduced the PowerCube. We have also been working toward an ongoing strategic relationship with both the developer and the end user of this initial solar system. The integration of our PbC batteries, with their unique proprietary properties, has enabled us to offer an energy storage system that, when combined with solar, exhibits a very attractive R.O.I. We have been working with several other renewable energy developers, and that work runs the gamut from 'early stage' to 'near shovel in the ground'. We look forward to announcing some of these additional initiatives in the near future."
About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC® batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that has not been well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."
Axion Power International, Inc. is the industry leader in the field of lead carbon energy storage technologies. Axion believes its new PbC battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion's proprietary activated carbon electrodes. Axion's future goal, after filling their plant's lead-carbon battery production capacity, is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.
For more information, visit www.axionpower.com
Forward-looking Statements
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
Contacts
Axion Power International, Inc.
Thomas Granville, CEO
(724) 654 9300
Allen & Caron, Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
Len Hall (Media)
len@allencaron.com
(949) 474-4300
SOURCE Axion Power International, Inc.