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AXEON HOLDINGS - Modec battery unit orders boosting visibilty of revenues |
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 The first Tesco Modec, courtsey Modec
Privately owned electric vehicle producer, Modec, was founded by Jamie Borwick (former Chairman of London Taxi manufacturer, Manganese Bronze), in 2004. Tesco was an early customer: Modec supplied vans to the Tesco flagship ‘zero emissions supermarket’ in Shrewsbury. Modec has received orders from other food retailers including Asda (owned by Wal Mart) and is in discussions with Marks & Spencer. Modec also supplies vans for use in airport and local council fleets. First published in InFocus: UK Quoted Clean Motoring, July 2007. © Cleantech Investor Ltd.
AIM quoted battery systems supplier,Axeon Holdings, recently raised its expectations for full year revenue on the back of increased demand from an important customer, Modec. Electric urban delivery vehicle manufacturer, Modec, has seen its order book grow to over 160 units , enabling Axeon to up its production forecasts for this year from 155 units to 175 units. The initial deliveries to Modec are for 50 battery packs utilising Sodium Nickel Chloride technology. Lithium-ion technology should replace the Sodium Nickel Chloride technology in the second half of this year. Axeon is working on a long range pack for the Modec EV and is also working on a programme for next generation Lithium-ion based battery packs for an electric version of the Daimler Chrysler SMART car. Both programmes are being funded by the Energy Savings Trust and are worth up to £470,000 to Axion over a two year period. The aim is the implementation of Li-ion phosphate cell chemistry, a cheaper and safer technology than current Li-ion chemistry, which offers a more than three fold increase in battery life.
Axeon recently announced that it had supplied a Lithium-ion battery pack to Deutz AG. The powerpack drove the Deutz AG diesel hybrid electric powertrain, in an Atlas wheel loader, demonstrated at the Bauma trade fair in Germany.
Axeon’s revenues surged by 948% in 2006 to £2.5 m. Almost half of 2007 revenue was derived from devices for handheld and mobility products below 50 Volts. The company made a loss of £0.86m. Going forward, the 50 Volts and above segment is set to underpin growth. Axeon’s research and development programme focuses on implementing its patented Vindax technology based battery management system (BMS) in advanced Li-ion battery management systems. |
