NEW CASTLE, Pa., June 21, 2012 /PRNewswire/ -- Axion Power International, Inc. (OTC Bulletin Board: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, announced today that it has signed a project specific Letter of Intent with privately-held Rosewater Energy Group, based in Fort Lauderdale, Florida. The LOI memorializes a strategy to create and market a variety of energy storage and conversion products for the high-end residential market. The project calls for the incorporation of Axion Power's PbC batteries, and technology know how, into a product package that offers distortion-free secure home power; an ability to store energy from renewable sources and from the electric grid; an ability to sell energy back to the electric grid; an opportunity to protect some, or all, of the residential circuitry and to prioritize these circuits. The companies, which are also working together to market PowerCubes™ for other applications, will preview the new array of products for the residential market at the CEDIA EXPO in Indianapolis during the first week of September.
Rosewater Energy Group, Managing Director, Joseph Piccirilli commented, "We have seen the value of PbC technology, as a secure energy storage source, while working with Axion CUBE designs, and other products, over the past two years. We believe this technology has tremendous value for entertainment technologies, and a range of home upgrades that will enable residential owners to have a previously unattainable sense of both power quality and energy security in their homes. We will target upscale residences either in remote locations or in luxury enclaves. At least at the beginning, we do not intend to market these products to developers or builders, as we believe many of the installations will be customized to the specific needs of individual homeowners."
In November of 2011, Axion commissioned a .5MW/.25MWH PowerCube at their Clover Lane plant. The same building block technology is used in the manufacture of smaller cubes, 100KW all the way down to 10KW. The residential cube is an example of the smaller units, the first of which was completed in June of 2011. That prototype cube serves as the design cornerstone for the new residential units, and has been housed at Clover Lane since Axion's test phase began last summer. This 10KW/12KWH residential cube will be providing home owners with power quality, uninterruptible power back up, and the ability to store energy from renewable sources such as solar and wind. In addition, the unit has the ability to be grid connected, so that on either a regular, or an occasional basis, a home owner can participate in demand response and/or power curtailment.
Axion Power Chairman and CEO Thomas Granville commented, "We are very pleased to be expanding our work with Rosewater Energy Group. The high-end residential market is a natural for this technology, because it allows homeowners to enjoy 100% clean undistorted power for all applications, including home entertainment systems. It can also provide power during blackout conditions and can be fully grid tied. The Residential Energy Cube contains all electronics and strings of PbC batteries. These 'strings' are equalized by the PbC's inherent battery properties and by our proprietary battery management system. String stability is partially responsible for the PbC's exceptionally long life which, together with its high charge acceptance and fast re-charge capability, make it the energy storage product of choice for this application. We believe this product line can quickly become the gold standard for upscale homes. We look forward to kicking off the product line at the CEDIA Expo right after Labor Day, and believe that Rosewater Energy, with their previous long history selling into our target market, is the right distributor for our residential energy product."
Under the detailed Letter of Intent signed on June 21, 2012, Axion would appoint Rosewater Energy Group as its exclusive distribution agent for a period of three years, subject to defined sales minimums and other conditions. Specific details of the strategic relationship with Rosewater Energy will be disclosed after a definitive agreement is signed in the near future. Meanwhile, product marketing will begin immediately.
About RoseWater Energy Group
RoseWater Energy was created through the innovation and expertise of many individuals that came together to create an energy storage consortium. With a history of success in multiple fields, Rosewater is focused on bringing that same success to creating, delivering and servicing the next generation of energy storage products. The network spans the globe and Rosewater's products will service multiple applications for governments, utilities, industries and consumers. The next generation of energy is upon us, and RoseWater Energy will prepare you for it.
For more information, visit www.rosewaterenergy.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.
Axion Power International, Inc.
Vani Dantam, Senior Vice President
RoseWater Energy Group
Joseph Piccirilli, Managing Director
Allen & Caron, Inc.
Rudy Barrio (Investors)
SOURCE Axion Power International, Inc.