NEW CASTLE, Penn., Sept. 29 /PRNewswire-FirstCall/ -- Axion Power International, Inc. (OTC Bulletin Board: AXPW), a leading developer of advanced lead-carbon PbC� batteries, today announced that it has amended its financing agreement with The Quercus Trust and expanded its Board of Directors to 11 members. Each of the new board members, David Gelbaum, David Anthony and Joseph Bartlett, was elected to a three-year term and is affiliated with The Quercus Trust.
The Quercus Trust, which originally made a staged $18 million investment in Axion Power, has agreed to invest an additional $2 million in connection with the Company's anticipated $10 million minimum capital raise. In addition, the new agreement waives any previously accrued liquidated damages in the early agreement and calls for the exercise for warrants previously issued to Quercus by Axion to be reset from $2.60 per share to $0.75 per share.
Axion Power CEO, Thomas Granville said: "We continue to strengthen our relationship with The Quercus Trust and welcome the new board members. Each of these very distinguished new members brings significant expertise to our board. We believe the addition of this group is a concrete endorsement of the future potential of our company."
Mr. Gelbaum, 60, is a noted private investor in environmental oriented funds and trustee of The Quercus Trust Fund (well known for regularly supporting clean technology and "green earth" initiatives). For 17 years he worked as a securities analyst at Oakley Sutton.
Mr. Anthony, 48, an experienced entrepreneur, venture capitalist and educator, is managing director of New York based 21 Ventures. Mr. Anthony has held the managing director position with this venture capital firm since 2003. He also serves on the boards of Agent Video Intelligence, 3GSolar, BioPetroClean, Juice Wireless, Open Energy and VOIP Logic. Prior to 21 Ventures, Anthony launched Notorious Entertainment, a developer of multimedia brands. He has a bachelor's degree in Economics from George Washington University and an MBA from The Tuck School of Business at Dartmouth College.
Mr. Bartlett, 51, is counsel to The Quercus Trust, serves on the boards of directors of a number of clean technology companies and has practiced corporate and securities law since 1985. From September 2004 until August 2008 he was a partner at Greenberg Glusker LLP in Los Angeles. From September 2000 until September 2004 he was a partner at Spolin Silverman Cohen and Bartlett.
"Our ability to draw on David Gelbaum's highly successful, 36-year career in the finance and investment banking industry will be a tremendous asset to us as we move forward and sort through the numerous market opportunities that are available to us." Granville added. "David's Quercus Trust has been a leading investor in the clean energy and technology space, making his decision to join the board especially significant. David Anthony is also totally attuned to the cleantech and clean energy space and has lengthy experience serving on boards of young companies like ours. Joseph Bartlett is counsel to David Gelbaum's Quercus Trust fund and an experienced attorney who has been very successful throughout his own career. We look forward to the benefit of his experience."
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 without significant changes to production equipment and fabrication processes. It also believes it will be able to manufacture carbon electrode assemblies in volume at low cost using standard automated production methods that are commonly used in other industries. If and when its electrode manufacturing methods are fully developed, Axion believes it will be able to sell carbon electrode assemblies as virtual plug-and-play replacements for lead-based negative electrodes used by all other lead-acid battery manufacturers. Axion's future goal, after filling their plant's lead-carbon battery production, is to become the leading supplier of carbon electrode assemblies for the lead-acid battery industry.
For more information, visit www.axionpower.com.
Contacts Axion Power International Inc. Thomas Granville, CEO (724) 654 9300 Allen & Caron Inc Rudy Barrio (Investors) email@example.com (212) 691-8087 Brian Kennedy (Media) firstname.lastname@example.org (212) 691-8087
SOURCE Axion Power International, Inc.