RE: RNS :)27 Jul 2022 08:06
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.
Sign In
Follow the stocks
