Axion issued their quarterly results. Here are what I found noteworthy (the bold words are mine):
1. Work also continues on our PbC solution for the emerging hybrid vehicle market, and testing continues with European OEMs. We are also working with a large US vehicle manufacturer and, this month, we will be shipping our latest PbC batteries to them for continued testing in the hybrid vehicle program. (I knew they were working with BMW, but this statement indicates multiple OEMs and a US vehicle manufacture for their PbC is news to me.)
2. "We believe that 2011 will see our first significant PbC commercial order, and that is likely to be from Norfolk Southern if we and they adhere to the timeline they have communicated to us..." (I always figured the stop-start segment would be their first commercial order by the end of 2011.)
3. "we will need working capital to fund our anticipated continued growth of sales in traditional batteries and PbC products. Consequently, we initiated prudent and proactive steps in the second quarter to explore funding strategies that will ensure that we have the flexibility to access capital resources when they are needed to meet our business goals. We believe that currently available funds at June 30, 2011, along with internally generated funds, will provide sufficient financial resources for ongoing operations, working capital and capital expenditures through the second quarter of 2012" (This shouldn't surprise anyone, and is one of the reasons I felt they went public way too soon. There is a reason this is a $0.61 stock. I am still under the belief if product demand exists funding should not be a problem. But this is a real risk, hence the very speculative nature of the stock.)
All-and-all, I just want to see commercial PbC production for the sizable micro-hybrid vehicles (MHV) or stop-start market. Originally my time line for such commercialization was by the end of 2011, as BMW is just about there. (BMW is their biggest supporter. If they don't have BMW as a customer, they pretty much don't have a business in MHW.)
I don't plan on selling. (But if I was big money, I would invest but take a more activist role and ensure they keep BMW and as many automakers they can in the PbC corner. Because with the autos in their corner, raising funding will be easier, and maybe even sell the company for a sizable premium.) Just have to wait and see what develops over the next few months.