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Lead-carbon battery developer Axion raising USD10m
Pennsylvania-based Axion Power plans to raise up to USD10m through share sale. The firm is selling up to 28.6m shares, and plans to use the proceeds for working capital and capital expenditures. Axion was founded in 2003 and is developing lead-carbon (PbC) battery technology which it says can be assembled on existing lead-acid battery production lines. Compared to traditional lead-acid batteries, the firm claims its PbC technology provides higher power delivery rates, faster recharge rates and longer life cycle, while also using less lead. The batteries are being developed for use in electric vehicles and grid energy storage.
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