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Axion Receives $4M Follow-On Investment From Quercus

Axion Power International, Inc.—the developer of PbC Ultracapacitors, multi-celled asymmetrically supercapacitive lead-acid-carbon hybrid batteries (earlier post)—has closed the second tranche of its previously announced financing agreement with The Quercus Trust of Los Angeles, California.

Under the original agreement, Quercus agreed to make a staged $18 million equity investment in Axion. The current closing brings Quercus’ total investment to $8 million since January. Merriman Curhan Ford and Co. acted as sole placement agent for the transaction.

PbC batteries use five-layer carbon assemblies to replace the simple sponge lead plate negative electrodes used by most other lead-acid battery manufacturers. The Axion assembly consists of a carbon electrode, a corrosion barrier, a current collector, a second corrosion barrier and a second carbon electrode. These electrode assemblies are then sandwiched together with conventional separators and positive electrodes to make the battery, which is filled with an acid electrolyte, sealed and connected in series to the other cells.

The resulting device offers energy storage approaching lead acid batteries, coupled with far longer cycle life and power output approaching super-capacitors. The PbC batteries use 40% less lead than conventional lead-acid batteries.

Comments

sjc

This illustrates some of my point about funding companies with good products that can benefit us all. They do not just come out of someones garage in a Thomas Edison myth.

They are people trying to get it developed and out there so it can do some good. Sure, they are trying to make money, but you can do good and do well at the same time. I truly believe that we have great ideas in this country and unless these ideas can become reality with investment capital, they will just remain ideas.

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