Axion Power

Axion Power (AXPW) manufactures high-quality batteries for specialty markets and has developed new proprietary technology for lead-carbon (PbC®) energy storage devices for a wide range of energy storage and power delivery markets including hybrid vehicles, hybrid locomotives, renewable energy (wind, solar), grid-related (uninterruptible power, power quality, load-leveling, peak shaving), and other emerging markets.

Axion Power’s proprietary energy storage technology is a potentially disruptive technology that represents the first major advance in lead-acid battery performance in more than 30 years. Axion’s PbC and PbC Technology™ were accepted by the U.S. Patent & Trademark Office (8 issued patents).

 Axion’s eventual goal is to become the major world supplier of negative electrodes to other large lead-acid battery companies. Axion’s business model is based on the premise that the company can most effectively address the needs of the market by selling PbC negative electrode assemblies to established lead-acid battery manufacturers who want to add advanced battery technology to their existing product lines. This business model should allow the company to leverage the business abilities, manufacturing facilities and distribution networks of established manufacturers in order to reduce our time to market and increase Axion’s  potential market penetration.

 Axion’s Intellectual property includes treatment processes for the activated carbon used to make the electrodes, designs and manufacturing techniques for the carbon negative electrodes, manufacturing of the PbC batteries, and several other innovations related to the PbC batteries. Axion’s PbC battery Technology can be manufactured in a wide range of sizes common to the lead acid battery industry and therefore can accommodate a wide range of energy storage and power delivery requirements.

Axion invested more than $60 million and 7 years developing its technology.  The company believes it is in the final stage of its development stage. 

In February 2007, Axion's PbC technology received the Frost & Sullivan Technology Innovation Award for the best development in the field of lead-acid batteries for 2006.

Recent Developments:

June 28, 2011 … AXPW filed an offer to sell shares of preferred stock, common stock, debt securities or warrants to purchase preferred stock, common stock or any combination of these securities, either separately or in units, in one or more offerings in amounts, for  an amount of  maximum  $28,000,000 ($18 mil authorized by the BoD, $ 10 mil  to be further approved).  The company needs new financiang to support its activity beyond 1Q 2012.

May 17, 2011 ... AXPW reported that during the first quarter of 2011, its net sales were $1.1 million, as compared to $0.5 million during the first quarter of 2010.

March 31, 2011 ... AXPW announced results for the year ended December 31, 2010. Net sales increased to $2.1 million from $1.8 million in 2009. Although the Company experienced a decline in product sales resulting from fewer batteries shipped in 2010 compared to 2009, net sales increased as a result of higher service sales. Net loss for 2010 was $6.8 million or $0.08 per basic and diluted share compared to $18.6 million or $0.67 per basic and diluted share in 2009. The change in net loss was attributable to the non-recurring impact of the beneficial conversion features of preferred stock that impacted 2009.

March 8, 2011 ... AXPW announced that it has received a series of orders for the production and immediate delivery of flooded lead-acid batteries. The batteries will be branded by the purchaser, and will not carry an Axion Power identification label.

February 14, 2011 ... AXPW announced that it has received notification from the US Patent and Trademark Office that it has been granted an additional patent, its eighth, protecting aspects of its core supercapacitor technology. The new patent can be extended for up to a 20-year term.
 
In 2010 … Axion continued to work on the hybrid locomotive PbC product. Similar to the hybrid vehicle market, battery charge acceptance and ability to take advantage of opportunity charging are key elements in providing a product for the hybrid locomotive market. This area is a major focus for the company and a natural application for Axion’s high charge acceptance/fast re-charge PbC product. To that end, the company has been working with Norfolk Southern for the last eighteen months and it is currently string testing batteries with them to develop a system that takes full advantage of their unique usage profile.

Timeline/Catalysts:

Q2 2011 – Full  field  testing with Norfolk Southern (locomotive PbC product)

Aug/Sept. 15 -  evaluation announcement of DoE funding (DE-FOA 0000239) – Rumors it might involve Ford (one of the big 3 producers)

Summer 2011 – fully functional “power cube” + solar tree component (by Envision Solar) – same time frame. Smaller power cube units possible, memorandum of  understanding for commercialization signed

1H 2011 – 39% office Naval Services Grant (61% in 2010)

Q3 2011 - Automated production of PbC Tecnology

Q4 2011 -  First commercial  PbC products
 
Share count: 
 
March 2011 - 85.5 million shares + warrants for 13 million shares (proceeds of $15.3 million to the company); options for 3.6 million shares (proceeds of $ 7 million to the company).
 
articles by John Petersen, former lawyer of the company, large shareholder.
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Domain Admin,
Jul 10, 2011, 8:14 AM
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Domain Admin,
Jul 10, 2011, 8:14 AM
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