Ultracapacitor startup raises $2.5m
UCAP Power in the US has raised $2.5m for its ultracapacitor technology. The company was founded in 2019 by staff from Maxwell Technologies’ leadership and product teams after Maxwell’s acquisition in 2019 by electric car maker Tesla.
The Series A round was led by Moore Venture Partners (MVP) and the MVP Funds. The MVP Fund joins seed investors, Pantex Enerflo, and the UCAP founders. The cash will be used to commercialise the technology across a wide range of renewable energy markets. Demand for UCAP Power ultracapacitor products is growing with customers in field trials across the US and Europe says the company.
“We’re thrilled to be partners with Gordon and his very talented team at UCAP Power,” said Terry Moore, Managing Partner of MVP. “As the world increasingly adopts renewable energy, high-quality and reliable power is a key part of the value chain. The UCAP Power team is recognized as a global leader for ultracapacitors in wind turbines, reserve power, transportation, and microgrid applications.”
“I am very excited to have MVP lead the Series A round and to add Terry Moore as one of our board members,” said Gordon Schenk, CEO of UCAP Power. “MVP is one of the great remaining local SoCal’s funds with a fantastic track record of success and Terry is a valuable addition to our board.”
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