First Hook-Up of External Energy Storage System into Major Power Grid; Viridity Energy to Partner with Axion, Manage PowerCube on PJM Wholesale Market
NEW CASTLE, Pa., Nov. 22, 2011 /PRNewswire/ -- Axion Power International, Inc. (OTC Bulletin Board: AXPW), the developer of advanced leadcarbon PbC® batteries and energy storage systems, announced today that its PowerCube™ battery energy storage and battery system is being integrated as a power resource for the PJM Regulation Market, which serves 58 million people in all or parts of 13 states and the District of Columbia. The use of PowerCube on the PJM market marks the first time an external energy storage system has been integrated into a major power grid.
Axion Power, working in partnership with Philadelphia-based Viridity Energy on this and other projects, will initially participate in the PJM market as a 100 kw resource that will soon be ramped to higher kw levels. As a curtailment service provider in PJM, Viridity Energy will be managing the Axion PowerCube, a highly mobile and scalable 500kw/250kw Battery Energy Storage System.
"Our PowerCube, based on our patented PbC battery technology, is a first of its kind smaller online storage device that will be ramped up to higher kw levels," said Axion Power CEO Thomas Granville. "Going forward, our technology can be configured in building blocks of 1 MW of power for 30 minutes, for PJM applications. It can also provide power quality, back-up power, power smoothing and load leveling in addition to the initial demand response we provided today. We are excited to be working with Viridity Energy and involved in this important PJM project. We see this project as a great way to demonstrate the effectiveness and versatility of the PowerCube. This format will be used for wind and solar storage as well as for our oil rig back up power application."
"At Viridity Energy, we are excited to be among the first active resources participating in the regulation market. I want to thank and congratulate our partner and customer, Axion Power International, for being ready to lead the way and take advantage of this emerging opportunity. Axion's innovative battery technology has the ability to provide quicker, more accurate regulation service than other resources do," said Audrey Zibelman, CEO and President of Viridity Energy. "By increasing the compensation paid to fast acting, accurate regulation resources, the FERC and PJM regulation change strengthens the ability of customers to provide a service that enhances the reliability of the grid while improving the competitiveness of electric markets."
A recent ruling by the Federal Energy Regulatory Commission (FERC) reduced the minimum participation requirement from 500 kw to 100 kw and increased the compensation paid to regulation resources, paving the way for the use of the PowerCube on the PJM project.
PJM Interconnection, founded in 1927, ensures the reliability of the high-voltage electric power system serving 58 million people in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia. PJM coordinates and directs the operation of the region's transmission grid, which includes 61,000 miles of transmission lines; administers a competitive wholesale electricity market; and plans regional transmission expansion improvements to maintain grid reliability and relieve congestion.
For more information, visit www.pjm.com
About Viridity Energy
Viridity Energy is paving the way for a new generation of demand response through its innovative distributed demand management software system and services. Viridity Energy enables large electricity customers to serve as "virtual power plants" that can earn substantial revenues from wholesale electricity markets while directly benefiting from energy supply cost savings through efficient energy use. The company works with large institutions such as college campuses, federal and municipal complexes, military bases, transit systems, industrial companies and hospitals to optimize their portfolios of buildings and energy investments by creating unified power assets. These power assets are then sold in real-time into the wholesale energy market, allowing facility operators to maximize the monetization of their building and energy investments. By using resources more efficiently and controlling their energy load, large energy consumers become active participants in reducing energy consumption, optimizing energy resources and balancing the electric grid.
The company's unique and flexible VPower™ platform solution enables customers to dynamically shift and balance energy load, integrate advanced energy technologies and convert existing energy investments into lucrative new revenue streams. Viridity Energy helps organizations achieve sustainability goals and contribute to the greater good by stabilizing energy price fluctuations. Headquartered in Philadelphia, Pennsylvania, Viridity Energy was founded in 2008 by former executives of PJM Interconnection.
For more information, visit www.viridityenergy.com.
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.
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SOURCE Axion Power International, Inc.