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NEW CASTLE, Pa.,
June 21, 2012 /PRNewswire/ --
Axion Power International, Inc. (OTC Bulletin Board: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, announced today that it has signed a project specific Letter of Intent with privately-held Rosewater Energy Group, based in
Fort Lauderdale, Florida. The LOI memorializes a strategy to create and market a variety of energy storage and conversion products for the high-end residential market. The project calls for the incorporation of Axion Power's PbC batteries, and technology know how, into a product package that offers distortion-free secure home power; an ability to store energy from renewable sources and from the electric grid; an ability to sell energy back to the electric grid; an opportunity to protect some, or all, of the residential circuitry and to prioritize these circuits. The companies, which are also working together to market PowerCubes™ for other applications, will preview the new array of products for the residential market at the CEDIA EXPO in
Indianapolis during the first week of September.
Rosewater Energy Group, Managing Director,
Joseph Piccirilli commented, "We have seen the value of PbC technology, as a secure energy storage source, while working with Axion CUBE designs, and other products, over the past two years. We believe this technology has tremendous value for entertainment technologies, and a range of home upgrades that will enable residential owners to have a previously unattainable sense of both power quality and energy security in their homes. We will target upscale residences either in remote locations or in luxury enclaves. At least at the beginning, we do not intend to market these products to developers or builders, as we believe many of the installations will be customized to the specific needs of individual homeowners."
In November of 2011, Axion commissioned a .5MW/.25MWH PowerCube at their Clover Lane plant. The same building block technology is used in the manufacture of smaller cubes, 100KW all the way down to 10KW. The residential cube is an example of the smaller units, the first of which was completed in June of 2011. That prototype cube serves as the design cornerstone for the new residential units, and has been housed at Clover Lane since Axion's test phase began last summer. This 10KW/12KWH residential cube will be providing home owners with power quality, uninterruptible power back up, and the ability to store energy from renewable sources such as solar and wind. In addition, the unit has the ability to be grid connected, so that on either a regular, or an occasional basis, a home owner can participate in demand response and/or power curtailment.