NEW CASTLE, Pa., July 20, 2016 /PRNewswire/ -- Axion Power International, Inc. (OTCQB: AXPW) provides market data relevant to Chairman and CEO, Richard Bogan's recent announcement regarding a collaborative effort on commercializing its patented PbC® Technology in Greater China.
According to "Global Automotive Battery Market Forecast and Opportunities, 2019" by Reportlinker.com, dated July 29, 2015, "the global automotive battery market is forecast to surpass USD 42.6 billion by 2019. In value terms, the passenger car battery market is the most dominant automotive battery segment, followed by commercial vehicle, two-wheeler, three-wheeler and OTR battery segments…. Asia-Pacific is the most dominant region for the global automotive battery market. This market dominance can be attributed to the region's huge and expanding two-wheeler and passenger car fleet, especially in China, Japan and India."
Further, according to KPMG's Global Automotive Executive Survey 2016, China, along with Germany, are the two most attractive countries for increase in investment in the automotive industry in terms of production. Increased production will most certainly augment the demand for automotive batteries in China, providing even further development and commercialization of alternatives to traditional lead acid batteries, such as Axion's PbC technology.
"We believe that our technology may have significant applications in the motive sector, specifically including the automobile industry," said Richard Bogan, CEO. So our ongoing efforts to commercialize in China are timely and appear to be our shortest path to commercialization."
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.