Axion Power Announces Order For Four PowerCube™ Energy Storage Systems Continue to Demonstrate Effectiveness, Reliability for Energy Storage; Value for Frequency Regulation Market
NEW CASTLE, Pa., May 14, 2014 /PRNewswire/ -- Axion Power International, Inc., (OTC QB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, announced today that it has received a follow-on purchase order for four more PowerCube™ energy storage systems from its strategic partner, a NJ-based solar installer for commercial and residential markets. The Cubes will provide storage for energy created by a commercial solar panel system and service the frequency regulation market on the PJM grid.
The purchase order - valued at just north of $1,100,000. - includes batteries, racks, wiring, a data communication system and the electronics coordination needed to outfit and install the PowerCubes. Each of the PowerCubes will be tied to solar arrays that produce between 500kw and 700kw of power and the PowerCubes will each provide 500kw (both 500kw up and 500kw down) for frequency regulation.
Axion's onsite 500kw PowerCube has been connected into the PJM grid utility network, the nation's largest power transmission organization serving more than 58 million people in all or parts of 13 states, for more than 2 ½ years. Set up as a demand response and frequency regulation asset, the company developed and tweaked a working model in a real world setting utilizing the PowerCube's ability to participate 24/7 (although Axion's model shows the ideal return at a lesser number than 24/7) in the PJM frequency regulation market noted Axion Power Chairman and CEO Tom Granville.
After spending time in the PowerCube at Axion, and viewing the data from that asset and from the Axion Cube at the Washington Naval Yard, and after consideration of Axion's model supported by raw revenue data from PJM, our strategic partner purchased its first PowerCube in November 2013 for use in combination with a solar installation, Granville added.
"Axion PowerCubes, with our proprietary PbC batteries and their unique properties that include high cycle life; high charge acceptance; an ability to recharge quickly (much faster than lithium-ion for example); and the battery's inherent ability to equalize voltage in string applications, continue to prove their effectiveness and reliability, on a daily basis, in the energy storage and the frequency regulation markets", Granville said. "More and more, storage is being recognized as a very important adjunct to renewable energy – such as solar power. In year's past, 100's of MW's of renewables came on line without storage. Today, however, that is no longer true. California, for example, has come to recognize the importance of combining storage with renewables and the state recently enacted an energy storage mandate that requires California utilities to acquire 1325MW of new energy storage by 2020. We believe the PowerCube has shown it can be an effective part of any energy power distribution system and we plan to participate in opportunities such as those presented by initiatives in California and Hawaii", Granville concluded.
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
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.
Axion Power International, Inc.
Thomas Granville, CEO
(724) 654 9300
Len Hall (Media)
SOURCE Axion Power International, Inc.