NEW CASTLE, Pa., Oct. 30, 2014 /PRNewswire/ -- Axion Power International, Inc. (Nasdaq: AXPW, AXPWW), a developer of advanced lead-carbon PbC® batteries, energy storage systems and frequency regulation systems, today announced it has been designated as the supplier of energy storage and frequency regulation for a solar farm that, when finished, will be the largest in Pennsylvania. The Coatesville Solar Initiative (CSI) announced its choice of Axion Power and its PbC® technology and batteries for the 48-acre project. Axion Power PbC PowerCube™ technology has been admitted to connect with the 13-state PJM power grid, and brings that certification to the CSI project.
Phase I & II of the multi-phased project is comprised of two 2.4 megawatt (DC) solar facilities, generating approximately 6.3 million kilowatt hours which CSI has contractually agreed to sell Coatesville Area School District (CASD) through a 25-year solar power purchase agreement (SPPA). According to CSI, when completed, the 9.1 megawatt solar farm will be the largest solar park facility in Pennsylvania.
Axion CEO David DiGiacinto commented, "As Axion emerges into full commercialization, the Coatesville Solar Initiative is a major milestone in industry acceptance. A solar farm that will generate more than 9 megawatts of electricity is an important step for the renewable energy industry in the Commonwealth of Pennsylvania. Axion has spent nearly a decade developing PbC batteries and technology, and we have 13 patents protecting our nearly 100% recyclable batteries. We are pleased and proud to have been designated for CSI, and believe that the PbC storage and frequency regulation capability will shorten the payback time for the entire installation significantly."
Mr DiGiacinto said that if the CSI solar farm reaches its full potential over a multi-year span, the batteries to be used could total approximately in the 5,000 to 6,000 range based on the proposed size of the project.
Bob Keares, a Coatesville native is the managing partner and president of Keares Electrical Contracting, Inc. in Exton, a firm that has installed numerous commercial and residential solar projects in its 41 years in business. Keares Electrical Contracting has been impressed with the Axion PbC battery technology and management team since first being introduced to the company over two years ago; Keares toured the Axion New Castle, Pennsylvania manufacturing facility in January 2013.
"Axion has proven to be a significant resource to CSI, and Keares Electrical Contracting, the past two plus years," says Keares. "Axion technology, industry contacts, and knowledge will contribute significantly to the Coatesville farm coming to fruition. I believe all parties involved are looking forward to developing a long-term partnership. We look forward to developing not only this project, but also future renewable opportunities," stated Keares. Construction work is expected to start before the end of 2014. Much of the local permitting and state regulatory approval process for the solar farm has been completed.
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.
Axion Power International, Inc. believes it is an 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 primary goal 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.
David T. DiGiacinto, CEO
info@axionpower.com
Allen & Caron, Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
Len Hall (Media)
len@allencaron.com
(949) 474-4300
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SOURCE Axion Power International, Inc.