NEW CASTLE, Pa., Feb. 22, 2016 /PRNewswire/ -- Axion Power International, Inc. (OTCQB: AXPW) announced progress with the PJM interconnection agreement process. The first step after joining the queue is the feasibility study, which is to be completed by February 29, 2016. The next step is the impact study phase, which is initiated by the planned March 1st filing of a PJM System Impact Study Agreement with results of the study scheduled for publication September 30, 2016. In connection with this agreement, the Company will pay a $10,000 deposit to PJM.
This study is a full-blown analysis by region of the impact of adding the additional power generation/transmission facility to the PJM system and includes evaluation of the ramifications on deliverability to load in the particular PJM region where the proposed transmission facility is to be located. The system study also is used to note system constraints of the project and any related local and/or network upgrades as well as any required attachment facilities to be added. The impact study is also valuable from an economic perspective as it refines and more comprehensively estimates cost responsibility and construction lead times for facilities and upgrades.
The third and final study phase in the process is the facility study, which takes place upon completion of the impact study and publication of those results. The facility study is an approximate six-month process which focuses on an in-depth review of the conceptual design of the facility as well as detailed engineering and construction and cost and schedule analyses. Assuming an efficient and expedited process with no delays, the facility study would be completed by the end of the first quarter of 2017 with the next step being implementation of interconnection and construction services agreements followed by implantation of those phases followed by the final stage, which would be commercial implementation.
About Axion Power International, Inc.
Axion Power is a technology leader in lead-carbon energy storage. Axion's patented lead carbon battery is the only advanced battery technology with an all carbon negative electrode. Axion's negative electrodes are designed to be directly substituted for lead acid negative electrodes producing the unique benefits of the Axion carbon technology. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world.
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
DresnerAllenCaron
Rudy Barrio (Investors)
rbarrio@dresnerallencaron.com
(212) 691-8087
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SOURCE Axion Power International, Inc.