NEW CASTLE, Pa., Jan. 11, 2016 /PRNewswire/ -- Axion Power International, Inc. (Nasdaq: AXPW) is pleased to announce that it has filed an interconnection application with PJM Interconnection, LLC for a site in Sharon, PA. Axion currently has a lease option agreement on the property and is seeking regulatory approval to deploy a 12.5 MW battery energy storage system to engage in the business of frequency regulation.
The proposed project site is a former steel fabrication facility in Sharon, PA which is about 60 miles north of Pittsburgh and twenty minutes from the Axion technical center in New Castle, PA. The successful issuance of the interconnection agreement would allow Axion to participate in the PJM regulation market. The application is currently moving through the PJM interconnection review process, and Axion is evaluating project financing options for this major commercial project.
As the application is reviewed, Axion will also apply for site permits, complete preliminary engineering and establish the project rollout plan. Jack Shindle, Axion Engineering VP, notes that "the project can be installed and operated with 1.25 MW modules engineered with similar technology and components used in our successfully demonstrated PowerCube battery storage system, which has been part of the PJM system for over two years." Each module will be powered by the Axion advanced carbon-lead (PbC) batteries. Shindle further notes "PbC® batteries are particularly well-suited to frequency regulation due to their high efficiency at partial state of charge, symmetric charge/discharge profile and long cycle life." Construction and battery manufacture could commence in the latter part of 2016 and startup scheduled in mid-2017, pending timely regulatory approval.
PJM is a regional transmission organization serving 13 states and the District of Columbia. Acting as a neutral, independent party, PJM operates a competitive wholesale electricity market and manages the high-voltage electricity grid to ensure reliability for more than 61 million people. The electrical grid in the United States operates at 60 Hertz (Hz) and the electrical demand varies constantly throughout the day. Frequency regulation provides a variable amount of on-demand storage or generation that is under automatic control that bridges short-term changes in demand and generation that affect the stability of the electrical distribution system.
As the demand for electricity varies throughout the day utility companies, coordinated through PJM, are required to purchase their pro-rata share of regulation in order to maintain stability of the grid. Due to the rapid increase in generation from renewable resources like wind and solar, the grid must be able to dynamically balance these variable inputs along with the change in demand due to seasonal and climatic factors.
About Axion Power International, Inc.
Axion Power is a technology leader in lead-carbon energy storage. Its PbC battery technology utilizing proprietary activated carbon electrodes is the only advanced battery that can be assembled on existing lead-acid production lines throughout the world. 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
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.
Rudy Barrio (Investors)
SOURCE Axion Power International, Inc.