Axion Power PbC Batteries Continue To Demonstrate Effectiveness For Railroad Applications Final Shipment Made to Norfolk Southern for Use in First All Electric Locomotive; Revenue to Be Recognized in Fourth Quarter 2012
NEW CASTLE, Pa., Jan. 11, 2013 /PRNewswire/ -- Axion Power™ International, Inc. (OTC QB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, announced today that it completed shipping its high-performance PbC batteries to Norfolk Southern Corp. (NS), one of North America's leading transportation providers, for use in Norfolk Southern's first all electric locomotive - the NS-999.
Axion Power shipped the last skids that comprised this battery order to NS in late December and the batteries will be used to power the NS-999 "yard switcher" locomotive. The switcher functions in the train yard where its responsibilities include moving rail cars and assisting in disassembling and assembling various train configurations. In parallel, Axion and Norfolk Southern continue to participate in the development of an energy system for "over the road" hybrid locomotives, that will be much more powerful units that would require significantly more batteries.
The final shipment of batteries to Norfolk Southern means that approximately $475,000 in revenue, attributable to the eventual re-commissioning of the NS-999, will be recognized in Axion's results for the fourth quarter of 2012, according to Thomas Granville, Axion Power Chairman and CEO.
"As we move into 2013, we are excited about the further unveiling of our PbC battery in our ongoing program with NS. The PbC properties that make our battery the chemistry of choice for 'all electric' and 'hybrid electric' locomotives – long cycle life, excellent cold temperature performance, fast charge and discharge capability, high charge acceptance, self equalization of charge in large string and in single battery cells, and above all, demonstrated safe operation regardless of temperature – all of these battery property advantages play well in a variety of other markets. Our new initiatives going forward include heavy trucks, charging station applications, residential energy and buffering and storage for wind and solar," Granville said.
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 is not 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-acid-carbon energy storage technologies. Axion believes this new 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 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
Allen & Caron Inc
Rudy Barrio (Investors)
SOURCE Axion Power International, Inc.