NEW CASTLE, Pa., Jan. 11, 2016 /PRNewswire/ -- Axion Power
International, Inc. (Nasdaq: AXPW) is pleased to announce that it
has filed an interconnection application with PJM Interconnection,
LLC for a site in Sharon,
PA. Axion currently has a lease option agreement on the
property and is seeking regulatory approval to deploy a 12.5 MW
battery energy storage system to engage in the business of
frequency regulation.
The proposed project site is a former steel fabrication facility
in Sharon, PA which is about 60
miles north of Pittsburgh and
twenty minutes from the Axion technical center in New Castle, PA. The successful issuance of the
interconnection agreement would allow Axion to participate in the
PJM regulation market. The application is currently moving
through the PJM interconnection review process, and Axion is
evaluating project financing options for this major commercial
project.
As the application is reviewed, Axion will also apply for site
permits, complete preliminary engineering and establish the project
rollout plan. Jack Shindle,
Axion Engineering VP, notes that "the project can be installed and
operated with 1.25 MW modules engineered with similar technology
and components used in our successfully demonstrated PowerCube
battery storage system, which has been part of the PJM system for
over two years." Each module will be powered by the Axion
advanced carbon-lead (PbC) batteries. Shindle further
notes "PbC® batteries are particularly well-suited to
frequency regulation due to their high efficiency at partial state
of charge, symmetric charge/discharge profile and long cycle
life." Construction and battery manufacture could commence in
the latter part of 2016 and startup scheduled in mid-2017, pending
timely regulatory approval.
About PJM
PJM is a regional transmission organization
serving 13 states and the District of Columbia. Acting
as a neutral, independent party, PJM operates a competitive
wholesale electricity market and manages the high-voltage
electricity grid to ensure reliability for more than 61
million people. The electrical grid in the United States operates at 60 Hertz (Hz)
and the electrical demand varies constantly throughout the day.
Frequency regulation provides a variable amount of on-demand
storage or generation that is under automatic control that bridges
short-term changes in demand and generation that affect the
stability of the electrical distribution system.
As the demand for electricity varies throughout the day utility
companies, coordinated through PJM, are required to purchase their
pro-rata share of regulation in order to maintain stability of the
grid. Due to the rapid increase in generation from
renewable resources like wind and solar, the grid must be able to
dynamically balance these variable inputs along with the change in
demand due to seasonal and climatic factors.
About Axion Power International, Inc.
Axion Power is a
technology 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
DresnerAllenCaron
Rudy
Barrio (Investors)
rbarrio@dresnerallencaron.com
(212) 691-8087
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visit:http://www.prnewswire.com/news-releases/axion-power-international-files-for-pjm-interconnection-agreement-300201605.html
SOURCE Axion Power International, Inc.
