NEW CASTLE, Pa., Jan. 28, 2015 /PRNewswire/ -- Axion Power International, Inc. (Nasdaq: AXPW), a developer of advanced lead-carbon PbC® batteries, energy storage systems and frequency regulation systems, today announced a strategic marketing, sales and reselling agreement with privately owned Portland OR-based Pacific Energy Ventures LLC (PEV), a technology and project development firm specializing in the renewable energy and energy storage sectors. Under the agreement, PEV will represent Axion Power and its PbC-based products nationally on a non-exclusive basis, initially focused in the area that comprises the power grid of PJM Interconnection LLC, a Regional Transmission Organization serving all or parts of 13 states in the Northeast and the District of Columbia. PEV will promote the sale of PbC and PowerCube products for use with renewable energy and energy storage projects.
Axion Power Chief Operating Officer, Phil Baker, commented, "Axion is a clean energy technology company with significant intellectual property including the patented carbon technology in our PbC energy storage and frequency regulation platform. This important agreement with PEV, a company with significant experience in the renewable energy sector across the United States and in certain markets abroad, aligns us with innovative and successful sales and distribution experts in order to both market and sell Axion's PbC technology. This is not an agreement that will lead to a new layer of testing before something happens. We believe PEV will hit the ground running right away."
PEV Senior Partner Steven Kopf noted that PbC technology has proven itself in frequency regulation through its work on the PJM grid on a daily basis for more than two years.
"At PEV, we concentrate on bringing new technologies to the energy market. The capabilities we see in PbC and Axion PowerCube products are unique and fit with the growing demand for market-based regulation services," Kopf said. "I do not believe there are other similarly situated companies with Axion Power's PbC product in the highly profitable area of frequency regulation. Frequency regulation may not be a household term, but it is the art and science that keeps the grid in balance on either the demand or supply side. We are very happy to be working with Axion, and we believe PbC can be an important enabling technology in the renewable energy world."
PEV will be working collaboratively with E/W Capital (New York City and Newport Beach, CA), which has a proven track record for financing solar energy projects in the PJM area and elsewhere.
About Pacific Energy Ventures
Pacific Energy Ventures is a technology and project development firm specializing in the renewable energy and energy storage sectors. Recent projects include working with the US Department of Energy, the US Navy, the University of Hawaii and the Oregon Wave Energy Trust to develop the Azura wave energy technology. It is also working on the development of technologies and projects in the area of pumped hydroelectric storage and compressed air energy storage.
About Axion Power International, Inc.
Axion Power is an industry 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.
Axion Power International, Inc.
Philip Baker, COO
Len Hall (Media)
SOURCE Axion Power International, Inc.