UCAP Power Acquires Maxwell Technologies Korea, Raises Special Purpose Venture Fund

By Battery Power Online Staff

July 20, 2021 | UCAP Power has completed the purchase of Maxwell Technologies Korea, the Korean-based ultracapacitor business, as well as closed on a special purpose venture round of funding led by Grantchester C Change. The company made both announcements last week.

The Maxwell acquisition includes the Korean facility, system patents, products, and the brand. “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 in a statement. The acquisition positions UCAP as a market leader in the wind turbines, reserve power, automotive transportation, and microgrid application markets, he believes.

With the global vehicle electrification and renewable energy expansions, ultracapacitors are ideally suited to support very high bursts of power over extended cycle periods in scenarios that expose typical battery technologies to failure or safety issues. UCAP Power launched the funding round to raise money to expand production and engineering capabilities, invest in core technologies, and grow the team.

The company outlined three main areas for growth and investment: systems and application expertise, moving beyond ultracapacitor as a component; intelligent electronics integration; and advanced chemistry and processes, resetting traditional standards with a green emphasis.

“We believe the combination of these three elements will better enable our customers to design, develop and deliver many promising energy storage solutions as we move forward into a more fully electrified world,” Schenk said.

UCAP Power is currently building upon the success of its POWERBLoK battery replacement solution. POWERBLoK’s unique customer-friendly design incorporates integrated charging and control to offer a scalable, long-life, safe sustainable alternative to lead-acid batteries.