Axion Power International Inc. is the industry leader in the field of lead-acid-carbon energy storage technologies. The company’s new PbCA batteries won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries.
The company today reported results for its third quarter and nine months ended September 30, 2009. Sales for the third quarter were $962,833 versus only $149,441 in the 3rd quarter last year, while sales for the first nine months of 2009 were $1.6 million versus only $541,298 for the first nine months of 2009. Axion did show a loss for the first nine months of 2009 totaling $23.5 million, however, over $13.5 million of that total was due to SEC mandated changes on certain derivative securities.
During the third quarter, the company completed an initial phase in its four-year global supply agreement with Exide Technologies. Axion will supply PbCA batteries and other Axion technology to Exide under the supply agreement. Monthly shipments of PbCA batteries began in September and will continue in accordance with the Exide contract.
In August, the US Department of Energy announced a $34.3 million stimulus award to “Exide Technologies with Axion Power International” for the development of lead carbon technology for hybrid vehicle and other potential storage applications. Eventually, this product will be manufactured for multiple markets including hybrid vehicles, defense applications, utility and industrial energy storage as well as renewable power such as wind and solar.