Agreement with Systematic Power Manufacturing LLC

RNS Number : 8131T

CAP-XX Limited

27 July 2022

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulations. With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

27 July 2022

CAP-XX Limited

("CAP-XX" or "the Company")

CAP-XX to Sell Supercapacitors for Microgrid Applications Under Agreement with Systematic Power Manufacturing LLC

The companies are teaming to bring Ioxus supercapacitor modules to new geographies, leveraging CAP-XX's distribution infrastructure in EMEA, APAC, Mexico, Central and South America, Australia and New Zealand

Sydney, Australia - July 27 2022 - CAP-XX Limited (LSE:CPX), the leading manufacturer of ultra-thin prismatic and high-power cylindrical supercapacitors, and Systematic Power Manufacturing LLC (SPM) have settled their legal dispute.

On 7 August 2020, CAP-XX announced that the Delaware District Court had made a judgment in favour of CAP-XX against Ioxus, Inc ("Ioxus").  The Court found that Ioxus was liable for infringing CAP-XX's patents.  SPM acquired the assets of Ioxus in 2020 after control of Ioxus was passed to its secured creditor Ares Capital following CAP-XX's successful court action.  In exchange for CAP-XX agreeing to drop all further action, SPM has granted CAP-XX exclusive rights to sell the Ioxus supercapacitor modules and cells outside the USA, Canada and Japan, and to a limited number of house accounts. These modules and cells will be sold under the CAP-XX brand.

The large, powerful Ioxus supercapacitor modules are designed for power management in demanding microgrid applications such as transportation subsystems, engine start modules, regen energy capture, grid/power correction, Uninterruptible Power Supply (UPS)/ride through power, wind turbine pitch control and hybrid energy storage.  CAP-XX will sell all 22 of Ioxus' customer-configurable modules, under the CAP-XX brand.

Ioxus modules, made with cylindrical or prismatic pouch cells, boast a high voltage range, can deliver and absorb a high current, can perform under a wide range of climate conditions, and offer high life cycle. They will accelerate CAP-XX's ability to enter a number of fast-growing markets including:

· Wind turbines

· Solar Installations and other microgird applications

· Regenerative braking and energy recycling for vehicles and heavy equipment

· Vehicle engine starting

· Electric vehicles

"We are excited about this agreement, which gives us a range of great products to access new markets in microgrid applications and gives SPM a geographic sales path where CAP-XX is already established," said Anthony Kongats, CEO at CAP-XX.

"This is a win-win agreement, allowing us to expand our market coverage through CAP-XX in geographies where we don't have a presence," said Scottie Johnson, CEO at Systematic Power Manufacturing.

CAP-XX Limited Anthony Kongats (CEO)	[phone]
Kreab (Financial PR) Robert Speed	[phone]
Allenby Capital (Nominated Adviser and Joint Broker) David Hart / Alex Brearley (Corporate Finance) Tony Quirke (Sales and Corporate Broking)	[phone]
Cenkos Securities plc (Joint Broker) Neil McDonald / Pete Lynch	[phone]

More information is available at www.cap-xx.com

About CAP-XX

CAP-XX (LSE:CPX) is the world leader in the design and manufacture of ultra-thin prismatic and compact cylindrical supercapacitors. Its prismatic supercapacitors are manufactured in Australia and Malaysia and its cylindrical supercapacitors are manufactured in China. The company's strong intellectual property (IP) portfolio includes 11 patent families. CAP-XX's ultra-thin prismatic supercapacitors are ideal for space-constrained electronics applications where small energy storage device size and thickness are important. The unique feature of CAP-XX supercapacitors is their very high-power density and high-energy storage capacity in space-efficient thin prismatic and compact cylindrical packages. For more information about CAP-XX, visit https://www.cap-xx.com/ or email [e-mail].

About Ioxus

Ioxus is the smart power company that designs and manufactures intelligent power and energy storage technology for transportation, alternative energy, medical, industrial and grid-connected markets. Designed and manufactured in the U.S., the company's uSTART® and X-Series® products are based on patented ultracapacitor technology.  Ioxus is headquartered in Oneonta, NY, with sales, service and quick-delivery inventory. For more information, visit www.ioxus.com

 

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