How do you make your stock price jump by two-thirds in today's economic atmosphere? If you are Axeon, Europe's largest independent supplier of lithium ion battery packs, you announce your new battery nearly doubles the range of your customer's trucks. After completing a Department of Transport-funded two year program, the Dundee, Scotland-based company says the new power supply it developed allowed a 3.5 ton delivery vehicle to almost double its range, from 123 km (76 miles) to 241 km (150 miles). The vehicle in question should be look familiar to our faithful readers as the purpose-built electric truck by Modec has made many appearances on ABG. The company's result contrasts with those obtained by an independent test which indicated a 25 per cent improvement over an urban delivery cycle on a single charge.
Axeon not only supplies Allied Vehicles and powered that electric Ruf Porsche, but apparently is also working with Daimler to put its lithium in the smart ed. Modec is so pleased with the results it plans to offer the new pack by the second half of the year. If it works that well, then we're pleased too. Full press release after the break.

[Source: The Scotsman / Axeon]




PRESS RELEASE


AXEON HOLDINGS PLC

Delivering clean mobile power for electric vehicles, cordless power tools and mobile power applications

SUCCESSFUL COMPLETION OF PROJECT FOR ENERGY SAVING TRUST

Axeon Holdings plc has today announced that it has successfully completed a project funded by
the Department for Transport under the Energy Saving Trust's Low Carbon R&D programme,
achieving the project target of improved performance automotive batteries at lower costs. During
the two year programme Axeon has developed a new Lithium-ion battery for use in a fully electric
urban delivery vehicle.

Axeon sought to increase the energy density of the batteries by custom designing an improved
Lithium Iron Phosphate cell, using its expertise in cell design and assembly methods.
Independent tests over an urban delivery cycle on a single charge suggested a 25%
improvement, but local tests on Scottish roads showed an increased range from 123 km to 241
km, an increase of 97%. Prototypes were tested in 3.5 ton electric commercial vehicles built by
Modec, one of the UK's leading suppliers of zero emission commercial vehicles. Tests proved so
successful that Modec plan to launch vehicles powered by Axeon's new extended range batteries
in the first half of 2009.

The results of the project were demonstrated at an event on 23rd February 2009, held at Axeon's
headquarters in Dundee, and attended by John Swinney, MSP, Cabinet Secretary for Finance
and Sustainable Growth.

Lawrence Berns, CEO of Axeon said, "We are delighted with the success of this project. It
demonstrates Axeon's commitment to staying at the front of battery pack technology and our
ability to meet our customers' needs for the development and manufacture of high-performance
electric vehicles."

Andrew Adonis, Minister of State for Transport, said "Tackling climate change is one of the
biggest challenges of modern times and it is important that we act now to cut road CO2
emissions. This is why we continue to invest in new and efficient transport technology.
"Research projects like these bring us closer to the reality of a mass lower carbon transport
system, and I look forward to seeing more of the same in future."

Philip Sellwood, Chief Executive of the Energy Saving Trust, said "We would like to congratulate
Axeon for the success of this project. This new technology will help lead the way to low carbon
vehicle technologies and give the public more eco friendly car choices. These advances in
technology are vital to help lower emissions."

Axeon Holdings plc is Europe's largest independent supplier of lithium-ion battery solutions,
manufacturing over 5 million battery packs.

Axeon designs and manufactures batteries and battery management systems for three main
sectors: automotive, powering the clean electric vehicles of the future; power tools, enabling new
cordless tools that deliver more power with less weight; and mobile power, delivering energy for
innovative new products.

Axeon's Battery Management System is a market-leading technology for managing lithium-ion
batteries, delivering safe, durable performance.

Axeon has been listed on the Alternative Investment Market (AIM) of the London Stock Exchange
(LSE:AXE) since 2005 and is headquartered in the UK, with operations in the UK, Switzerland,
Germany and Poland.
For more information, please see www.axeon.com

About the Energy Saving Trust
The Energy Saving Trust is one of the UK's leading organisations set up to address the damaging
effects of climate change. It aims to cut carbon dioxide emissions - the main greenhouse gas
causing climate change - by promoting the sustainable and efficient use of energy.
The Energy Saving Trust is an independent, non-profit making organisation and acts as a bridge
between government, consumers, trade, businesses, local authorities and the energy market. It
provides impartial information and advice and has a network of advice centres in the UK
specifically designed to help consumers take action to save energy.
About the Low Carbon research and Development Programme
The Energy Saving Trust's Transport Technology Programmes are part of the UK Governments
Powering Future Vehicle strategy, which is funded by the Department for Transport. The aim of
the programmes is to support the transition to low carbon transport by providing incentives
through grants for the demonstration of innovative low carbon technologies.
About the UK Government's Department for Transport
The Department for Transport's aim is transport that works for everyone. This means a transport
system which balances the needs of the economy, the environment and society.
The Department for Transport provides leadership across the transport sector to achieve its
objectives, working with regional, local and private sector partners to deliver many of the
services.

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