NEW CASTLE, Pa., Aug. 6 /PRNewswire-FirstCall/ -- Axion Power International Inc (OTC Bulletin Board: AXPW) said today that in the RECOVERY ACT AWARDS FOR DRIVE VEHICLE BATTERY AND COMPONENT MANUFACTURING INITIATIVE, the DOE has named "Exide Technologies with Axion Power" as the recipient of a $34.3 million stimulus package "for the production of advanced lead-acid batteries, using lead-carbon electrodes for micro and mild hybrid applications." The Company has not received any communication from the DOE and does not have any information as to what portion of any award will be allocated to it.
Chairman & CEO Tom Granville said, "In a related matter, Exide and Axion Power have completed the first phase of our 4-year supply agreement. This phase included the development of test protocols and the selection of product formats for HEV and renewable energy applications. Next month, Axion will begin shipping batteries with lead-carbon electrodes for the second phase of the supply contract. We are very gratified with the progress of this relationship. We are also pleased with the fast pace we have been able to achieve in moving the process forward."
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.
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements include, without limitation, statements concerning the Company's ability to expand its manufacturing capabilities and bring its new PbC(R) based battery products to market, the Company's belief that its completed products will be the only class of advance battery of its kind and that it will be a viable replacement for older generation lead-acid batteries. 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.
Contacts Axion Power International Kelly Gubish firstname.lastname@example.org (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.