NEW CASTLE, Pa., Jan. 28, 2015 /PRNewswire/ -- Axion Power
International, Inc. (Nasdaq: AXPW), a developer of advanced
lead-carbon PbC® batteries, energy storage systems and frequency
regulation systems, today announced a strategic marketing, sales
and reselling agreement with privately owned Portland OR-based
Pacific Energy Ventures LLC (PEV), a technology and project
development firm specializing in the renewable energy and energy
storage sectors. Under the agreement, PEV will represent
Axion Power and its PbC-based products nationally on a
non-exclusive basis, initially focused in the area that comprises
the power grid of PJM Interconnection LLC, a Regional Transmission
Organization serving all or parts of 13 states in the Northeast and
the District of Columbia. PEV will promote the sale of PbC
and PowerCube products for use with renewable energy and energy
storage projects.
Axion Power Chief Operating Officer, Phil Baker, commented, "Axion is a clean energy
technology company with significant intellectual property including
the patented carbon technology in our PbC energy storage and
frequency regulation platform. This important agreement with PEV, a
company with significant experience in the renewable energy sector
across the United States and in
certain markets abroad, aligns us with innovative and successful
sales and distribution experts in order to both market and sell
Axion's PbC technology. This is not an agreement that
will lead to a new layer of testing before something happens.
We believe PEV will hit the ground running right away."
PEV Senior Partner Steven Kopf noted that PbC technology has
proven itself in frequency regulation through its work on the PJM
grid on a daily basis for more than two years.
"At PEV, we concentrate on bringing new technologies to the
energy market. The capabilities we see in PbC and Axion PowerCube
products are unique and fit with the growing demand for
market-based regulation services," Kopf said. "I do not believe
there are other similarly situated companies with Axion Power's PbC
product in the highly profitable area of frequency
regulation. Frequency regulation may not be a household term,
but it is the art and science that keeps the grid in balance on
either the demand or supply side. We are very happy to be
working with Axion, and we believe PbC can be an important enabling
technology in the renewable energy world."
PEV will be working collaboratively with E/W Capital
(New York City and Newport Beach, CA), which has a proven track
record for financing solar energy projects in the PJM area and
elsewhere.
About Pacific Energy Ventures
Pacific Energy Ventures
is a technology and project development firm specializing in the
renewable energy and energy storage sectors. Recent projects
include working with the US Department of Energy, the US Navy, the
University of Hawaii and the Oregon
Wave Energy Trust to develop the Azura wave energy
technology. It is also working on the development of
technologies and projects in the area of pumped hydroelectric
storage and compressed air energy storage.
More information can be found at www.peventuresllc.com and
www.AzuraWave.com.
About Axion Power International, Inc.
Axion Power is
an industry leader in lead-carbon energy storage. Its PbC
battery technology utilizing proprietary activated carbon
electrodes is the only advanced battery that can be assembled on
existing lead-acid production lines throughout the world. 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
Forward-looking Statements
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.
Contacts
Axion Power International, Inc.
Philip Baker, COO
info@axionpower.com
Allen & Caron, Inc.
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
Len Hall (Media)
len@allencaron.com
(949) 474-4300
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SOURCE Axion Power International, Inc.
