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San Diego
Wednesday, May 29, 2024

UCAP Power Charging Up 2024 Growth

ELECTRONICS: Plan Includes Doubling Manufacturing Capacity

Since acquiring Maxwell Technologies Korea, its ultracapacitor business and other assets of the Maxwell Technologies brand from Tesla in 2021, San Diego-based UCAP Power, Inc. has been focused on growth.

“Maxwell was the leader in automotive with ultracapacitors starting in the 2015 timeframe and I intend to be the premier leader in that space again,” said UCAP Power CEO Gordon Schenk. “What the executive team and I are doing is reenergizing the Maxwell brand, product portfolio and overall business.”

Gordon Schenk
President and CEO
UCAP Power, Inc.

To revitalize “Maxwell 2.0” Schenk said UCAP’s big push for its Maxwell Technologies subsidiary is a strategic focus on the automotive market and maintaining its status as a global leader in providing ultracapacitors for the renewable energy and industrial markets.

Ultracapacitors are a reliable technology for short term power backup due to their unique property of being able to quickly charge or discharge at very high power levels.

“Where this is truly key is in areas like renewables; all the renewables coming into the grid are very intermittent,” Schenk said. “The sun doesn’t shine, and the wind doesn’t blow all the time and so the grid hates that and the more renewables we hook up to the grid, the more you need frequency and power regulation. Ultracapacitors are the natural source to be the front end of a battery energy storage system providing all the short duration power needs while letting the batteries provide the long duration energy needs.”

Ultracapacitors are used in electric vehicles to store rapidly available energy, think regenerative braking, with their high-power density. Similar to the renewable space, taking this burden off the main battery pack reduces heat generation and extends the battery life.

Rapidly increasing EV adoption rates – 14% of all new cars in 2022, compared to just 5% in 2020 – have created an increasingly expanding opportunity for UCAP Power.

“Because of all the electrification going on, there’s actually more need for ultracapacitors than there has ever been before,” Schenk said. “The technology has been around almost three decades with people discovered it now, so it’s an idea that’s time has come.”

Growth Investments

Last year, UCAP Power shipped just shy of its annual ultracapacitor manufacturing capacity.

“With our outlook in 2024 and beyond, we need to grow,” Schenk said. “Based on our current backlog and existing customer demand, we’re looking to expand our manufacturing capacity by over 2x while growing our team and product portfolio with it.

Anthony Petrello
Chairman, CEO & President
Nabors Industries Ltd.

To accomplish its goal to expand its manufacturing capacity, UCAP is currently raising a substantial Series C round with a goal of raising $15-$20 million.

This year, UCAP announced a $3.5 million investment from Nabors Industries Ltd. (NYSE: NBR), a leading provider of advanced technology for the global energy industry, that was added to UCAP’s $9.7 million Series B.

“Delivering on our energy transition vision, energy without compromise, requires the rapid development and scale up of technologies that enable clean, renewable and dispatchable energy,” said Nabors Chairman, CEO and President Anthony Petrello. “We are excited to team up with UCAP and Maxwell to add to our energy storage initiatives and further establish markets and applications for our advanced material technologies.”

UCAP Power, Inc.

Founded: 2019
CEO: Gordon Schenk
Headquarters: San Diego
Business: manufacturer of ultracapacitors for renewable energy, industrial and automotive markets
Funding: $15.5 million (Series A-B)
Employees: 125 worldwide; 7 in San Diego
Notable: There are more than 7 million cars on the road with over 25 million UCAP Power ultracapacitor cells


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