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Gold/Mining/Energy : AXPW - Axion Power (Bulls Board) -- Ignore unavailable to you. Want to Upgrade?

To: donpat who wrote (11)	4/30/2007 8:30:07 PM
From: donpat	Respond to of 38

Battery manufacturer buying factory in Lawrence County Pittsburgh Business Times - 2:06 PM EDT Monday, April 30, 2007by Dan Reynolds The state of Pennsylvania is giving more than $1.2 million in incentives to a battery manufacturer to help it locate a factory in New Castle. Axion Power International Inc., a Delaware corporation which previously based its research and development operations in Toronto, is using $942,000 in state grants and $258,000 in job creation tax credits to help it purchase the assets of the 70,000 square-foot New Castle Battery Co. in Lawrence County. Axion is manufacturer of advanced batteries that can serve the hybrid automobile market and alternative energy markets like wind power and solar power according to a statement put out by the office of Pennsylvania Gov. Ed Rendell. According to the company, the batteries use less lead than traditional batteries and can hold charges longer but can still be manufactured in traditional battery making settings. Rendell said the state is helping to support the company in the spirit of his Energy Independence Strategy which is pledging up to $500 million in state funding to improve the state's alternate energy infrastructure. The initiative would also put forward $100 million in the form of venture capital, loans and grants to aid companies in locating clean energy technologies here. The effort would be funded by a $0.0005 per kWh of electricity use. The initiative is being considered as part of this year's budget considerations and has yet to pass the state legislature. dreynolds@bizjournals.com \| (412) 208-3827 washington.bizjournals.com