NEW CASTLE, Pa., July 15, 2016 /PRNewswire/ -- Axion Power International, Inc. (OTCQB: AXPW) Chairman and CEO, Richard Bogan, announced today, that as a result of his trip to the Peoples Republic of China in May, Axion Power and LCB International, Inc. will work to reach an agreement with Fengfan Co. Ltd. (SH: 600482), the leading Chinese lead acid battery manufacturer, to be the sole strategic partner to commercialize the patented PbC® Technology in Greater China.
"Axion recently shipped a number of PbC® Batteries to Fengfan's facility in Baoding, China for validation testing and evaluation for potential commercial applications in Greater China," said Bogan.
"Axion Power will also ship a number of its proprietary PbC Negative Carbon Electrodes to Fengfan for PbC Battery prototype design and development study," said Bogan. "An Axion Power senior engineer will assist on site in China."
Since the signing of the binding Letter of Intent in June 2015, Axion Power and LCB International have been in discussions for the commercialization of Axion's proprietary PbC Technology in China. Dr. WJ Gesang, principal of LCB International, said, "Fengfan Co. Ltd is the premier lead acid battery manufacturer and marketer in China and continues to innovate and explore new battery chemistries. LCB is excited about the opportunity to partner with both Fengfan and Axion to commercialize the PbC Technology in Greater China."
Mr. Zhen Zhijun, executive vice president of Fengfan, said, "Fengfan continues to search for collaborative opportunities around the world on advanced lead acid battery and other battery chemistries. These PbC Batteries and carbon negative electrodes will enable Fengfan to verify the technical superiority and commercial value of Axion's PbC technology."
In late July, Fengfan executives are scheduled to visit Axion Power's research and development center and principal executive offices in New Castle, Pa. Further collaborative work is targeted for late this summer.
"Periodically, I will provide progress updates on this collaboration," Bogan said.
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
About LCB International, Inc.
LCB International, Inc. is an investment and business development firm focusing on the battery energy storage system for motive and stationary utility applications in Asia.
About Fengfan Co. Ltd.
Fengfan Co., Ltd. belongs to China Shipbuilding Industry Corporation. Fengfan was established in 1958 and was listed on Shanghai Stock Exchange in July of 2004. Fengfan has been the leading automotive lead acid battery manufacturer in China for decades. Fengfan is on the list of "The Top 100 Automotive Component Suppliers in China" and the list of "The Top 100 Machinery Industry Companies in China". For more information, visit www.sail.com.cn.
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.