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Axion Acquires Manufacturing Equipment
Axion Battery Products Inc. of Woodbridge, Ontario,
Canada, has purchased lead-acid battery fabrication
equipment, parts inventories and trademarks from
National City Bank of Pennsylvania in a UCC sale.
The purchased assets include three battery fabrication
lines with a total capacity of 750,000 batteries
per year; an inventory of tools, battery parts,
components and supplies; and the “TurboStart”
racing battery trademark.
Concurrently, Axion announced the execution of
a lease on the 63,000 square-foot manufacturing
plant where the equipment is installed. The lease
provides for a two-year initial term at a $10,000
monthly rental and two five-year renewal options
at commercially reasonable rates.
In the second quarter, Axion expects to begin
production of commercial prototype e3 Supercell
batteries for demonstration projects. The first
of several demonstration projects with alternative
energy producers is scheduled for the summer of
2006.
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