NEW CASTLE, Pa.
Nov. 22, 2011
Axion Power International, Inc
(OTC Bulletin Board: AXPW), the developer of advanced leadcarbon PbC® batteries and energy storage systems, announced today that its PowerCube™ battery energy storage and battery system is being integrated as a power resource for the PJM Regulation Market, which serves 58 million people in all or parts of 13 states and the
District of Columbia
. The use of PowerCube on the PJM market marks the first time an external energy storage system has been integrated into a major power grid.
Axion Power, working in partnership with
-based Viridity Energy on this and other projects, will initially participate in the PJM market as a 100 kw resource that will soon be ramped to higher kw levels. As a curtailment service provider in PJM, Viridity Energy will be managing the Axion PowerCube, a highly mobile and scalable 500kw/250kw Battery Energy Storage System.
"Our PowerCube, based on our patented PbC battery technology, is a first of its kind smaller online storage device that will be ramped up to higher kw levels," said Axion Power CEO
. "Going forward, our technology can be configured in building blocks of 1 MW of power for 30 minutes, for PJM applications. It can also provide power quality, back-up power, power smoothing and load leveling in addition to the initial demand response we provided today. We are excited to be working with Viridity Energy and involved in this important PJM project. We see this project as a great way to demonstrate the effectiveness and versatility of the PowerCube. This format will be used for wind and solar storage as well as for our oil rig back up power application."
"At Viridity Energy, we are excited to be among the first active resources participating in the regulation market. I want to thank and congratulate our partner and customer, Axion Power International, for being ready to lead the way and take advantage of this emerging opportunity. Axion's innovative battery technology has the ability to provide quicker, more accurate regulation service than other resources do," said
, CEO and President of Viridity Energy. "By increasing the compensation paid to fast acting, accurate regulation resources, the FERC and PJM regulation change strengthens the ability of customers to provide a service that enhances the reliability of the grid while improving the competitiveness of electric markets."
A recent ruling by the Federal Energy Regulatory Commission (FERC) reduced the minimum participation requirement from 500 kw to 100 kw and increased the compensation paid to regulation resources, paving the way for the use of the PowerCube on the PJM project.