NEW CASTLE, Pa., May 25, 2016 /PRNewswire/ -- Using a 2009 grant from the Pennsylvania Economic Development Authority, Axion Power International, Inc. (OTCQB: AXPW), created the PowerCube™, a 0.5 megawatt battery energy storage system using Axion's PbC® Battery, and began utilizing it as the first fast acting battery system to take part in the PJM network frequency regulation program.
Upon completion in 2011, The PowerCube™ was installed at Axion's facility in New Castle and was commissioned that same year into the PJM Frequency Regulation Market, which serves 58 million people in part of 13 states and the District of Columbia. The PowerCube™ served as a 100 kw power source until 2013.
Still in use at Axion Power, The PowerCube™ can be provided as external containerized units or installed inside buildings - providing emergency energy backup as well as the opportunity to operate as a micro-grid when coupled with a renewable energy source such as solar panels or wind turbines. Applications include micro-grid/off-grid, emergency power, peak load shifting, demand charge avoidance, demand response, grid frequency regulation, and renewable buffering/smoothing and ramp rate control.
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
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.
Meghan Snyder for Axion Power
Global Vision Communications
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SOURCE Axion Power International, Inc.