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CAP-XX

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CAP-XX Limited is an Australian based manufacturer of energy storage products for industrial IoT devices, transportation (Electric Vehicles), Electrical Grid, and Defence applications.[1] CAP-XX is involved in supercapacitor Research & Development (R&D).[2][3] The company is developing products such as the reduced Graphite Oxide (rGO) electrode to increase the energy density of supercapacitors,[4] and Surface-Mount Technology (SMT) to enable automated mass production assembly for the portable electronics industry.[5] CAP-XX is publicly traded on the AIM market of the London Stock Exchange under the ticker symbol CPX.[6]

CAP-XX Ltd
Company typePublic Limited Company
LSE: CPX
ISINAU0000XINAS1
IndustrySupercapacitors
Founded1997
FounderAnthony Kongats (Former CEO)
HeadquartersSydney, Australia
Area served
Worldwide
Key people
Lars Stegmann (CEO), Dr Alex Bilyk (CTO), Patrick Elliott (Chairman), Dr Graham Cooley (NED)
ProductsPrismatic Ultra-thin supercapacitors, Coin cell supercapacitors, Small Cylindrical Supercapacitors, Large Supercapacitors, Lithium-ion Supercapacitors, Large Microgrid Modules, Truck Start Modules
RevenueIncrease A$4.6 million (2024)
SubsidiariesCAP-XX (Australia) Pty Ltd. CAP-XX USA Inc. CAP-XX Research Pty Ltd.
Websitewww.cap-xx.com

History

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CAP-XX was founded in 1997 in Seven Hills, New South Wales, Australia by Mr Anthony Kongats. In 1994, Mr Kongats was associated with a company called Energy Storage Systems Pty ltd (now incorporated as CAP-XX ltd) which partnered with CSIRO to research and commercialise supercapacitor technology.[7][8] Mr Kongats later used the research conducted with CSIRO to found CAP-XX along with the Intellectual Property that resulted from the partnership.[9] The company specialised in energy-dense Double-layer capacitance for small electronic devices. In 2005 CAP-XX was selected for the World Economic Forum 2005 Technology Pioneers list.[10]

In 2006 CAP-XX was admitted to the London Stock Exchange.[11] In the early 2000s, CAP-XX began commercialising its supercapacitor products, servicing the consumer electronics for wearable technology.[12] In 2008, CAP-XX entered into a licensing agreement with Murata, to manufacture Murata branded prismatic supercapacitors using CAP-XX's patents.[13] In 2009, CAP-XX entered into a Manufacturing agreement with Nationwide Technologies of Penang, Malaysia.[14]

In 2019, CAP-XX filed a lawsuit against Maxwell Technologies (owned by Tesla at the time but later sold to UCAP Power in 2021) for patent infringement of the electrodes used in its supercapacitors. In 2023, Tesla (which kept some energy storage patents that were previously owned by Maxwell Technologies) sued CAP-XX for the same reason.[15][16]

In 2020, CAP-XX expanded its production capacity by acquiring the supercapacitor production line from Murata in Japan and transferring it to its Seven Hills, Sydney headquarters.[17]

In 2022, CAP-XX had been selected as a Tier 1 supplier for Continental AG to provide the DMT220 prismatic supercapacitors.[18] The sourcing agreement with Continental is expected to begin late 2024 through 2030 [19] [20]

In 2023, CAP-XX announced a discounted placing and the exit of its founder / CEO, Anthony Kongats, effective May 2023.[21] Subsequently in May 2023, a new CEO, Lars Stegmann, was appointed.[22] By December 2023, CAP-XX had entered into a Joint Venture with an Australian Graphene technology specialist called Ionic Industries.[23] The partnership is currently developing reduced graphite oxide (rGO) electrode technology.[24] The aim of integrating Ionic's electrode nanotechnology with CAP-XX's Supercapacitors, is to increase the energy density of electrodes within supercapacitors.[25] The rGO electrode technology was developed over the course of several years with Monash University.[26]

In March 2024, the court ruled to settle the legal action between CAP-XX and Tesla.[27] In June 2024, CAP-XX had appointed some new Non-Executive Directors, including Dr Graham Cooley (former CEO of ITM Power).[28] In July 2024, Schurter (Majority owned by Capvis) signed a Memorandum of Understanding (MoU) to collaborate on a Joint Venture in developing supercapacitors under a unified brand, namely ultra-thin prismatic supercapacitors.[29]

As of December 2024, CEO Lars Stegmann has made various changes to the company. However, the company remains focused on supercapacitor R&D, forming joint ventures to develop new product lines, and maintaining their Supply Chain & distribution network.[1]

Products and Technology

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CAP-XX produces a range of energy storage products, including:[30]

  • Ultra-thin prismatic supercapacitors: Features a compact form factor (design) and ability to operate in harsh environments.
  • Cylindrical and coin cell supercapacitors: Designed for applications requiring higher energy density.
  • Lithium-ion Hybrid supercapacitors: Combining the energy density of lithium-ion batteries with the fast charge-discharge of supercapacitors.
  • Large Microgrid Modules: Stabilsing energy, managing fluctuations, and support renewables.
  • Truck Start Modules: Providing quick, efficient electric power for vehicle startups.

Future products:

Markets and Applications

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CAP-XX’s supercapacitors have been utilised by businesses in various industries over the years, namely through licensing of its patented technology to large electronics manufacturers such as Murata, AVX Corporation,[33][34] including:

Finances

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When CAP-XX was founded in 1997 it received grants from the Australian government of around A$5.4million, and then received US$1million (1999) in seed capital. In the early 2000s, before CAP-XX went public, it raised an additional £17million (A$34million) [37] during 2 funding rounds with investors such as Intel through its venture capital arm, Intel Capital.[38] Since the CAP-XX IPO in 2006, the company has been a revenue generating business but has consistently made a loss over the years.[39][40]

As of the end of financial year 2024, CAP-XX generated a revenue of A$4.6million (AUD) and made a loss after tax of A$6.0million. As a result, CAP-XX has completed a fundraise during a £2.5million placing offer, a £250k subscription offer, and a £275k exclusive retail offer, all issued at £0.0011. Thus, CAP-XX has raised a total of £3.025million (or A$6.014million) for the 2025 financial year. In addition, CAP-XX is due to receive a A$1.95million in R&D tax rebate from Australia in January 2025.[41]

References

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  1. ^ a b Lyall, Ian (September 10, 2015). "CAP-XX tapping into some potentially huge global markets". Proactive Investors.
  2. ^ Luo, Xing; Wang, Jihong; Dooner, Mark; Clarke, Jonathan (January 2015). "Overview of current development in electrical energy storage technologies and the application potential in power system operation". Applied Energy. 137: 511–536. doi:10.1016/j.apenergy.2014.09.081.
  3. ^ "The Power of Innovation: A patent analytics report on the Australian Battery Industry" (PDF). Australian Government. June 2021.
  4. ^ Peleg, Roni (9 May 2022). "CAP-XX and Ionic Industries to develop graphene-enhanced supercapacitors". www.graphene-info.com.
  5. ^ Shepard, Jeff (21 June 2009). "CAP-XX Demonstrates Surface Mountable Supercapacitors". eepower.com.
  6. ^ Watson-Mitchell, Mark (May 28, 2022). "CAP-XX – a real burst of energy is now offered by this 'penny-stock'". UK Investor Magazine.
  7. ^ Abdisattar, Alisher; Yeleuov, Mukhtar; Daulbayev, Chingis; Askaruly, Kydyr; Tolynbekov, Aidos; Taurbekov, Azamat; Prikhodko, Nikolay (September 2022). "Recent advances and challenges of current collectors for supercapacitors". Electrochemistry Communications. 142: 107373. doi:10.1016/j.elecom.2022.107373.
  8. ^ "Inquiry into pathways to technological innovation" (PDF). House of Representatives Standing Committee on Science and Innovation. 29 April 2005 – via CSIRO Submission.
  9. ^ Ward, Colin (September 4, 2014). "Supercapacitors". CSIROpedia.
  10. ^ "WORLD ECONOMIC FORUM ANNOUNCES 2005's "TECHNOLOGY PIONEERS"" (PDF). Apax Partners Worldwide LLP. 6 December 2004. p. 6.
  11. ^ "London Stock Exchange listing: CAP-XX". London Stock Exchange.
  12. ^ Kumar, Yedluri Anil; Roy, Nipa; Ramachandran, Tholkappiyan; Hussien, Mohamed; Moniruzzaman, Md; Joo, Sang Woo (September 2024). "Shaping the future of energy: The rise of supercapacitors progress in the last five years". Journal of Energy Storage. 98: 113040. doi:10.1016/j.est.2024.113040.
  13. ^ Hopkins, John (5 January 2017). "Cap-XX surges as licensee launches new product". Proactive Investors.
  14. ^ "STOCKS NEWS EUROPE-Cap-XX up on manufacturing deal". Reuters. August 12, 2009.
  15. ^ Anderson, Michael C. (July 18, 2023). "Tesla Sues Cap-XX Over EV Battery Tech". Battery Technology Online.
  16. ^ Brittain, Blake (17 July 2023). "Tesla sues Australia's Cap-XX over EV battery technology". Reuters.
  17. ^ Flaherty, Nick (December 3, 2019). "Murata sells its supercapacitor lines". EE News Europe.
  18. ^ Harrington, John (15 February 2016). "Cap-XX extends arrangement with tier 1 automotive giant".
  19. ^ "CAP-XX Secures Continental Automotive GmbH as Tier 1 Automotive Customer". CAP-XX. February 24, 2022.
  20. ^ "IN BRIEF: Cap-XX shares up; meets Continental supply-deal requirements". AJ Bell. Alliance News. 18 April 2023.
  21. ^ Ashcroft, Jamie (May 4, 2023). "CAP-XX shares hit by discounted placing and CEO exit". Proactiveinvestors UK.
  22. ^ "Key Personnel". CAP-XX. 2024.
  23. ^ Budszus, Tom (December 1, 2023). "Cap-XX shares up as Australia approves grant for research, development". Morningstar. Alliance News.
  24. ^ "Energy Storage: Graphene Supercapacitors for Energy Storage Applications". Ionic Industries.
  25. ^ Padden, Paige (December 6, 2023). "CAP-XX signs joint venture with Australian graphene technology specialist Ionic Industries".
  26. ^ "Energy technology miniaturisation for a smarter Australia". Monash University. July 30, 2015.
  27. ^ Curzon, Emma (March 21, 2024). "Cap-XX shares soar after settlement with Tesla in patent litigation". Marketscreener. Alliance News.
  28. ^ Buchanunn, Joe (August 2, 2024). "New honorary professor to deliver a 'power up' for the Brunel Hydrogen Group". Brunel University.
  29. ^ "CAP-XX and SCHURTER". Schurter. July 16, 2024.
  30. ^ "Products". CAP-XX.
  31. ^ Padden, Paige (December 12, 2023). "CAP-XX finalizes two new international patents for its supercapacitor technology".
  32. ^ Beveridge, Holly (December 7, 2023). "Cap-XX touts better patent protection for supercapacitator technology". Morningstar. Alliance News.
  33. ^ Kan, Charlotte (April 14, 2016). "Cap-XX chief hails AVX deal as strong validation of its technology". Proactiveinvestors UK.
  34. ^ Harrington, John (22 March 2016). "Cap-XX Limited soars on US licensing deal".
  35. ^ Gilbert, Iain (October 16, 2024). "CAP-XX inks smart metering contract with South African client". Pilling.
  36. ^ "MARINE EDGE Selects CAP-XX Liquid-Cooled Supercapacitor Modules for its Hybrid Propulsion System for Cargo Ships". November 15, 2022.
  37. ^ "Economic Impact of Private Equity and Venture Capital in Australia" (PDF). AVCAL. 2006. p. 30.
  38. ^ Reisch, Marc S. (February 2, 2015). "Power Savers: Materials Research Advances Supercapacitors as adjuncts to Traditional Batteries" (PDF). Princeton University.
  39. ^ Gilbert, Iain (May 19, 2020). "CAP-XX losses widen despite improved revenues". Sharecast.
  40. ^ Gordon, Jeremy (April 25, 2024). "Quilter and Marlborough hit by stricken AIM stock that tried to sue Tesla". City Wire.
  41. ^ "Audited results for the year ended 30 June 2024 – Company Announcement - FT.com". markets.ft.com. June 30, 2024.
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