April 26, 2012 at 07:30 AM EDT
Axion Power Receives Initial Norfolk Southern Order for PbC® Batteries

NEW CASTLE, Pa., April 26, 2012 /PRNewswire/ -- Axion Power International Inc (OTC Bulletin Board: AXPW), the developer of advanced lead­-carbon PbC® batteries and energy storage systems, today announced that it has received an order from Norfolk Southern Corp (NS) for PbC batteries for use in a battery-powered locomotive. Axion Power said this first $400,000 purchase order is part of a $475,000 total purchase order, that will be used in the commissioning of Norfolk Southern's NS-999. The total purchase order will be shipped and deployed in the next 90 – 120 days. To date, this is the largest single PbC battery order that Axion has received. No further details were disclosed.

Axion Power Chairman & CEO Thomas Granville commented, "We have been working with Norfolk Southern for two and a half years, and we are very pleased that this first hybrid 'switcher' yard locomotive, to be run completely on PbC batteries, will soon be in service. We have been moving on a parallel development path with respect to supplying batteries for the first NS 'over the road' locomotive. This larger, more powerful, unit will require approximately twice the number of batteries as those to be shipped for the yard 'switcher' locomotive.  High-performance PbC batteries are ideally suited for hybrid locomotive applications due to their high charge acceptance, fast charge and discharge capabilities (important in regenerative braking), and their inherent ability to equalize voltage when utilized in large string configurations."

Granville continued, "Of course PbC batteries are also very stable and safe because of the close construct similarities they share with lead-acid batteries - a chemistry that has been safely deployed for more than a century. Unlike some of the batteries being used in various vehicular applications, PbC batteries operate safely at all temperatures; are 100% recyclable; and are priced substantially below the cost of some of the more highly publicized exotic battery chemistries.  We feel these attributes are becoming more fully appreciated by our customer base in general, and by NS in particular.  As for a strategic partner, you couldn't ask for one better than NS. We anticipate a long and mutually beneficial partnership as they move forward with their hybrid locomotive strategy."

A yard switcher locomotive, or 'switcher', is used in a train yard to assemble and disassemble long trip over-the-road trains. Additionally it is used for the general movement of railroad cars around the rail yard.

About Axion Power International Inc

Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC® batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that is not well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."

Axion Power International, Inc. is the industry leader in the field of lead-acid-carbon energy storage technologies. Axion believes this new battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion's proprietary carbon electrodes. Axion's future goal, after filling their plant's lead-carbon battery production capacity, is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.

For more information, visit www.axionpower.com

Forward-looking Statements

Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.

Contacts
Axion Power International Inc
Thomas Granville, CEO
(724) 654-9300

Allen & Caron Inc
Rudy Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087

SOURCE Axion Power International, Inc.

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