On Tuesday, Shares of Axion Power International Inc. (NASDAQ:AXPW), lost -7.64% to $0.14.
Axion Power International, declared that on Saturday it signed a binding Letter of Intent (LOI) for a technology development and licensing program with LCB International, Inc. (“LCB”). LCB is a privately owned entity incorporated in the British Virgin Islands with its principal business office in Shanghai, China.
The LOI defines and confirms the intent of the parties to execute the final agreements within 60 days of the signing the LOI. These agreements will grant LCB the right to manufacture and sell PbC batteries and other Axion products on an exclusive basis in the People’s Republic of China, Taiwan, Macao and Hong Kong (“Territory”). Axion will receive a non-refundable payment of $250,000 right away, and further staged payments after final agreements are signed. Under the terms of the LOI, Axion would receive an aggregate of up to $10 million over a period of two years in a combination of technology license fees, the sale of convertible preferred stock and senior convertible notes. Axion would also be paid royalties for the longer of the last to expire patent licensed or up to 15 years.
Chairman Donald Farley commented, “We have accomplished the first step toward an important agreement for Axion Power, for LCB, and for the greater China marketplace. We are very happy with the LOI and to be working with LCB to achieve production of our advanced carbon electrodes on a commercial scale and the planned development of specialized PbC-based products for China. LCB will form a China Joint Venture in order to develop the Territory for our fast-charging, long-lasting lead-carbon batteries and associated peripherals and electronics; Axion will have an equity participation in the Venture. The noteworthyinvestment of LCB into Axion represents a planned partnership that should assure our shareholders that Axion’s proprietary technologies remain valuable and viable. It also represents the first success in Axion’s current strategy to engage in planned partnerships that can accelerate the commercialization of PbC products and systems around the globe.”
Due to the significance of the terms and conditions in the LOI, which are to be incorporated into the final agreements; approvals will be needed from Axion Power shareholders for the potential issuance, upon future fixed-price conversion of the preferred stock and convertible notes, of shares amounting to more than 20 percent of the Company’s issued and outstanding shares. Such approvals will be sought, while Axion and LCB are negotiating the final detailed agreements required by the LOI.
Axion Power International, Inc. designs, develops, manufactures, and sells advanced energy storage devices, components, and systems based on its patented PbC Technology. Its PbC batteries and battery components are used in various energy system storage functions. The company was founded in 2003 and is based in New Castle, Pennsylvania.
Shares of SunEdison, Inc. (NYSE:SUNE), inclined 2.28% to $30.96, during its last trading session.
SunEdison, declared that it has signed a definitive agreement to acquire Continuum Wind Energy Limited, Singapore with assets in India. Continuum owns and operates 242 megawatts (MW) AC of wind power plants in Maharashtra and Gujarat states, in addition to 170 MW of wind power under construction in Madhya Pradesh state, and has more than 1,000 MW of wind power plants in development across six states in India.
“India is a core market for SunEdison and offers growth opportunities in wind and solar energy,” said Ahmad Chatila, SunEdison president and chief executive officer. “With the acquisition of Continuum, a leading wind energy company in India, we have added noteworthy assets and a skilled wind development team to drive further growth in our renewable energy development platform. This acquisition reinforces SunEdison’s commitment to India and will drive immediate shareholder value.”
“We are excited to join SunEdison at this time of rapid growth in India’s renewable energy market,” said Arvind Bansal, chief executive officer of Continuum. “SunEdison’s strong global financial capabilities and talented local team here in India position us to capture the incredible business opportunity in this dynamic market.”
SunEdison, Inc. develops, manufactures, and sells silicon wafers to the semiconductor industry. The company operates through three segments: Solar Energy, TerraForm Power, and Semiconductor Materials.
Finally, CDK Global, Inc. (NASDAQ:CDK), ended its last trade with 8.92% gain, and closed at $55.95, hitting its highest level, after the digital marketing solutions company declared a new transformation plan to strengthen its business and enhance long-term value.
CDK President and CEO Steve Anenen declared the new plan to “transform the business through balanced organic revenue growth and significantly raised earnings” as the company’s Investor Day in Chicago.
The company said it anticipates annual revenue to grow 4% to 5% annually over the next three fiscal eyars, and 5% to 7% after. CDK anticipates additional EBITDA of $250 million to $275 million will be generated in the next three fiscal years, resulting in margin expansions of about 1,300 basis points in those three fiscal years.
CDK Global, Inc. provides integrated information technology and digital marketing/advertising solutions to the automotive retail industry. Its solutions automate and integrate critical workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, and repair and maintenance of vehicles.
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