Axion Power International, Inc. Announces Commencement of Production and First Shipment of Product
Thursday March 30, 12:45 pm ET
NEW CASTLE, Pa.--(BUSINESS WIRE)--March 30, 2006--Axion Power International, Inc, (OTCBB:AXPW - News) announced today that its wholly owned subsidiary, Axion Battery Products, Inc., has begun the battery production process in their recently acquired New Castle facility. In addition, initial product has been shipped as part of a lead acid battery sale for a wind and solar energy storage application.
Thomas Granville, Axion's CEO said, "These are very significant events for Axion and represent a major milestone in the development of our business. We have begun the first phase of production leading up to the full manufacture and shipment of our Turbostart(TM) branded batteries, which will take place in the next few weeks. Since the official opening of our production facility, our New Castle sales team has obtained more than 1,000 orders for the Company's Turbostart(TM) Racing Batteries. Simultaneously, we are laying the groundwork for the production of our e3 Supercells. We expect to be making these e3 Supercells early in the 2nd quarter of 2006. We are very pleased with the progress of our facility and sales staff and have great expectations as we move towards production and commercialization of our e3 Supercell technology."
Granville continued, "We are also pleased to unveil our unique 'Battery Management System' (BMS). Combining our BMS with the delivery of 324 batteries will complete our first sales contract obligation and provide us with a $56,000 revenue event. While this initial sale is modest, we believe our future revenues will ramp up rapidly."
Axion's new Battery Management Technology is designed to extend the life of both conventional lead acid batteries, and the new e3 Supercell technology, and can be utilized in multiple energy storage applications.
Axion Power International, Inc., has developed and is preparing to introduce a new generation of rechargeable batteries that are part lead-acid battery and part super capacitor. Axion calls these batteries "e3 Supercells." Where conventional lead-acid batteries use lead-based electrodes for both the positive and negative poles, e3 Supercells use lead-based positive electrodes and activated carbon-based negative electrodes. e3 Supercell batteries use up to 70% less lead; offer longer cycle life; higher power; significantly faster recharge rates; and are maintenance free. In addition, e3 Supercell batteries are less likely to fail prematurely or be damaged by overcharging or other improper use. Axion believes its e3 Supercell technology represents the first major advance in lead-acid battery technology in 30 years. Axion is implementing a platform technology business model, where it will eventually manufacture electrode assemblies for sale to established battery manufacturers that want to offer a high-performance co-branded product.
For further information, please visit www.axionpower.com or contact: Axion Power International, Inc., Katya Sergejeva, 905-264-1991, katyas@axionpower.com
Contact:
Axion Power International, Inc.
Katya Sergejeva, 905-264-1991
katyas@axionpower.com
Source: Axion Power International, Inc. |
