UCAP Power, a San Diego-based developer of ultracapacitor-based power solutions, has purchased the Korean-based ultracapacitor business of Maxwell Technologies, along with other related assets, including the Maxwell brand.

Maxwell Technologies is probably best known for being acquired by Tesla in 2019, which many believed had less to do with its pioneering work with supercapacitors (aka ultracapacitors) than with its “dry electrode” technology—a far simpler way to make the anodes and cathodes that form a battery cell.

Some of UCAP Power’s execs previously held positions in Maxwell Technologies’ leadership and product teams.

With the addition of the Maxwell ultracapacitor-related assets, which include system patents and products, UCAP Power plans to build upon its foundation in the energy storage market. The company recently launched a battery replacement solution called POWERBLoK, which incorporates integrated charging and control to offer a scalable, long-life, safe and sustainable alternative to lead-acid batteries.

“We’re thrilled to combine Maxwell Technologies Korea’s ultracapacitor manufacturing capabilities and one of the largest patent and product portfolios in the industry with the growing family of products developed by UCAP Power,” said Gordon Schenk, CEO of UCAP Power. “This combination creates a clear market leader in the wind turbine, reserve power, automotive and microgrid application markets.”

Meanwhile, UCAP has announced the close of a special-purpose venture round of funding led by Grantchester C Change.

“Grantchester C Change is the perfect partner for UCAP Power given their broad global reach in the Energy sector and their talented base of operating partners,” said Gordon Schenk.

“We believe that UCAP Power is ideally positioned for significant and rapid growth in support of the global transition to electrified vehicles for both commercial and consumer use,” said Liz Griggs, Managing Partner and CEO of Grantchester C Change.

Source: UCAP Power