21 June 2012
Axion Power International, Inc. announced today that it has signed a project-specific Letter of Intent (LOI) with privately held Rosewater Energy Group of Fort Lauderdale, Florida (US). The LOI defines 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 lead-carbon (PbC) batteries and technology know-how into a product package, the Residential Energy Cube, which offers distortion-free secure home power; the ability to store energy from renewable sources and from the electric grid; the ability to sell energy back to the electric grid; and the opportunity to protect some or all of the residential circuitry and to prioritise 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 CEDIA Expo 2012 on 5-8 September at the Indiana Convention Centre in Indianapolis, Indiana (US). (CEDIA is the Custom Electronic Design and Installation Association.)
In November of 2011, Axion commissioned a 500kW/250kWh PowerCube at its Clover Lane plant in New Castle, Pennsylvania (US). The same building-block technology is used in the manufacture of smaller cubes, 100kW all the way down to 10kW. The Residential Energy Cube is an example of the smaller units, the first of which was completed in June 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 provide homeowners with power quality, uninterruptible power backup and the ability to store energy from renewable sources such as solar and wind. In addition, the unit can be grid-connected so that on either a regular or an occasional basis a homeowner can participate in demand response or power curtailment.
According to Thomas Granville, Axion Power's chairman and chief executive officer, the Residential Energy Cube contains all of the electronics and strings of PbC batteries. These "strings" are equalised by the PbC's inherent battery properties and by Axion's proprietary battery management system. String stability is partially responsible for the PbC's long life, which, together with its high charge acceptance and fast recharge capability, makes it a suitable energy storage choice for high-end residential.
Under the detailed LOI signed on 21 June 2012, Axion would appoint Rosewater Energy Group as its exclusive distribution agent for a period of three years, subject to defined sales minimums and other conditions. Specific details of the strategic relationship with Rosewater Energy will be disclosed after a definitive agreement is signed in the near future. Meanwhile, product marketing will begin immediately.