CAP-XX
{{Short description|Australian manufacturer of supercapacitors}}
{{Infobox company
| name = CAP-XX Ltd
| logo = CAP-XX Logo.jpeg
| type = Public Limited Company
| traded_as = {{LSE|CPX}}
| ISIN = AU0000XINAS1
| industry = Supercapacitors
| founded = 1997
| founder = Anthony Kongats (Former CEO)
| hq_location = Sydney, Australia
| area_served = Worldwide
| key_people = Dr Graham Cooley (Chairman), Lars Stegmann (CEO), Dr Alex Bilyk (CTO), Anthony Guana (Interim CFO)
| products = Prismatic ultra-thin supercapacitors, coin-cell supercapacitors, Cylindrical supercapacitors, lithium-ion supercapacitors
| revenue = {{increase}} A$4.6 million (2024)
| operating_income = {{loss}} – A$4.95million (2024)
| net_income = {{loss}} – A$5.99million (2024)
| assets = {{loss}} A$10.4million (2024)
| equity = {{loss}} A$4.61million (2024)
| num_employees = ~ 24 (2024)
| subsid = CAP-XX (Australia) Pty Ltd.
CAP-XX USA Inc. CAP-XX Research Pty Ltd.
| website = [https://www.cap-xx.com www.cap-xx.com]
}}
CAP-XX Limited is an Australian based manufacturer of energy storage products for industrial IoT (sensors, smart devices, robotics), cloud computing (artificial intelligence data centers), automotive (electric vehicles), electrical grid, aerospace, and Defence Industry applications.{{Cite web |last=Lyall |first=Ian |date=September 10, 2015 |title=CAP-XX tapping into some potentially huge global markets |url=https://www.proactiveinvestors.co.uk/companies/news/110683/cap-xx-tapping-into-some-potentially-huge-global-markets-110683.html |website=Proactive Investors}} CAP-XX maintains partnerships with universities for supercapacitor research & development (R & D).{{cite journal |last1=Luo |first1=Xing |last2=Wang |first2=Jihong |last3=Dooner |first3=Mark |last4=Clarke |first4=Jonathan |title=Overview of current development in electrical energy storage technologies and the application potential in power system operation |journal=Applied Energy |date=January 2015 |volume=137 |pages=511–536 |doi=10.1016/j.apenergy.2014.09.081 |bibcode=2015ApEn..137..511L |doi-access=free }}{{Cite web |date=June 2021 |title=The Power of Innovation: A patent analytics report on the Australian Battery Industry |url=https://www.ipaustralia.gov.au/tools-and-research/professional-resources/data-research-and-reports/publications-and-reports/~/-/media/Project/IPA/IPAustralia/PDF/the_power_of_innovation_a_patent_analytics_report_on_the_australian_battery_industry.pdf |website=Australian Government}} CAP-XX specialises in thin form factor (design) supercapacitor products. The company is also developing products such as the reduced Graphite Oxide (rGO) electrode to increase the energy density of supercapacitors,{{Cite web |last=Peleg |first=Roni |date=9 May 2022 |title=CAP-XX and Ionic Industries to develop graphene-enhanced supercapacitors |url=https://www.graphene-info.com/cap-xx-and-ionic-industries-develop-graphene-enhanced-supercapacitors |website=www.graphene-info.com}} and Surface-Mount Technology (SMT) to enable the attachment of supercapacitors to PCBs in automated assembly lines compatible with reflow soldering.{{Cite web |last=Shepard |first=Jeff |date=21 June 2009 |title=CAP-XX Demonstrates Surface Mountable Supercapacitors |url=https://eepower.com/news/cap-xx-demonstrates-surface-mountable-supercapacitors/ |website=eepower.com}} CAP-XX is publicly traded on the AIM market of the London Stock Exchange under the ticker symbol CPX.{{Cite web |last=Watson-Mitchell |first=Mark |date=May 28, 2022 |title=CAP-XX – a real burst of energy is now offered by this 'penny-stock' |url=https://ukinvestormagazine.co.uk/cap-xx-a-real-burst-of-energy-is-now-offered-by-this-penny-stock/ |website=UK Investor Magazine}}
History
CAP-XX was founded in 1997 in Seven Hills, New South Wales, Australia, by Anthony Kongats. In 1994, Kongats was associated with a company called Energy Storage Systems Pty ltd founded in 1990 (now incorporated as CAP-XX ltd) which partnered with CSIRO to research and commercialise supercapacitor technology.{{cite journal |last1=Abdisattar |first1=Alisher |last2=Yeleuov |first2=Mukhtar |last3=Daulbayev |first3=Chingis |last4=Askaruly |first4=Kydyr |last5=Tolynbekov |first5=Aidos |last6=Taurbekov |first6=Azamat |last7=Prikhodko |first7=Nikolay |title=Recent advances and challenges of current collectors for supercapacitors |journal=Electrochemistry Communications |date=September 2022 |volume=142 |pages=107373 |doi=10.1016/j.elecom.2022.107373 |doi-access=free }}{{Cite journal |date=29 April 2005 |title=Inquiry into pathways to technological innovation |url=https://www.aph.gov.au/parliamentary_business/committees/house_of_representatives_committees?url=scin/pathways/subs/sub32.pdf |journal=House of Representatives Standing Committee on Science and Innovation |via=CSIRO Submission}} Mr Kongats later used the research conducted with CSIRO to found CAP-XX along with the Intellectual Property that resulted from the partnership.{{Cite web |last=Ward |first=Colin |date=September 4, 2014 |title=Supercapacitors |url=https://csiropedia.csiro.au/supercapacitors/ |website=CSIROpedia}} 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.{{Cite news |date=6 December 2004 |title=WORLD ECONOMIC FORUM ANNOUNCES 2005's "TECHNOLOGY PIONEERS" |url=http://media.corporate-ir.net/media_files/priv/w186690/pressrelease3.pdf |work=Apax Partners Worldwide LLP |pages=6}}
In 2006 CAP-XX was admitted to the London Stock Exchange.{{Cite web |title=London Stock Exchange listing: CAP-XX |url=https://www.londonstockexchange.com/stock/CPX/cap-xx-limited/our-story |website=London Stock Exchange}} In the early 2000s, CAP-XX began commercialising its supercapacitor products, servicing the consumer electronics for wearable technology.{{cite journal |last1=Kumar |first1=Yedluri Anil |last2=Roy |first2=Nipa |last3=Ramachandran |first3=Tholkappiyan |last4=Hussien |first4=Mohamed |last5=Moniruzzaman |first5=Md |last6=Joo |first6=Sang Woo |title=Shaping the future of energy: The rise of supercapacitors progress in the last five years |journal=Journal of Energy Storage |date=September 2024 |volume=98 |pages=113040 |doi=10.1016/j.est.2024.113040 |bibcode=2024JEnSt..9813040K }} In 2008, CAP-XX entered into a licensing agreement with Murata, to manufacture Murata branded prismatic supercapacitors using CAP-XX's patents.{{Cite web |last=Hopkins |first=John |date=5 January 2017 |title=Cap-XX surges as licensee launches new product |url=https://www.proactiveinvestors.co.uk/companies/news/171199/cap-xx-surges-as-licensee-launches-new-product-171199.html |website=Proactive Investors}} In 2009, CAP-XX entered into a Manufacturing agreement with Nationwide Technologies of Penang, Malaysia.{{Cite web |date=August 12, 2009 |title=STOCKS NEWS EUROPE-Cap-XX up on manufacturing deal |url=https://www.reuters.com/article/markets/stocks-news-europe-cap-xx-up-on-manufacturing-deal-idUSLC637818/ |work=Reuters}}
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.{{Cite web |last=Anderson |first=Michael C. |date=July 18, 2023 |title=Tesla Sues Cap-XX Over EV Battery Tech |url=https://www.batterytechonline.com/automotive-mobility/tesla-sues-cap-xx-over-ev-battery-tech |website=Battery Technology Online}}{{Cite web |last=Brittain |first=Blake |date=17 July 2023 |title=Tesla sues Australia's Cap-XX over EV battery technology |url=https://www.reuters.com/legal/tesla-sues-australias-cap-xx-over-ev-battery-technology-2023-07-17/ |website=Reuters}}
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.{{Cite web |last=Flaherty |first=Nick |date=December 3, 2019 |title=Murata sells its supercapacitor lines |url=https://www.eenewseurope.com/en/murata-sells-its-supercapacitor-lines/ |website=EE News Europe}}
In 2022, CAP-XX had been selected as a Tier 1 supplier for Continental AG to provide the DMT220 prismatic supercapacitors.{{Cite web |last=Harrington |first=John |date=15 February 2016 |title=Cap-XX extends arrangement with tier 1 automotive giant |url=https://www.proactiveinvestors.co.uk/companies/news/122530/cap-xx-extends-arrangement-with-tier-1-automotive-giant-122530.html }} The sourcing agreement with Continental is expected to begin late 2024 through 2030 {{Cite web |date=February 24, 2022 |title=CAP-XX Secures Continental Automotive GmbH as Tier 1 Automotive Customer |url=https://www.cap-xx.com/cap-xx-secures-continental-automotive-gmbh-as-tier-1-automotive-customer/ |website=CAP-XX}} {{Cite web |date=18 April 2023 |title=IN BRIEF: Cap-XX shares up; meets Continental supply-deal requirements |url=https://www.ajbell.co.uk/articles/latestnews/258952/brief-cap-xx-shares-meets-continental-supply-deal-requirements |website=AJ Bell |agency=Alliance News}}
In 2023, CAP-XX announced a discounted placing and the exit of its founder / CEO, Anthony Kongats, effective May 2023.{{Cite web |last=Ashcroft |first=Jamie |date=May 4, 2023 |title=CAP-XX shares hit by discounted placing and CEO exit |url=https://www.proactiveinvestors.co.uk/companies/news/1014115/cap-xx-shares-hit-by-discounted-placing-and-ceo-exit-1014115.html |website=Proactiveinvestors UK}} Subsequently in May 2023, a new CEO, Lars Stegmann, was appointed.{{Cite web |date=2024 |title=Key Personnel |url=https://www.cap-xx.com/key-personnel/ |website=CAP-XX}} By December 2023, CAP-XX had entered into a Joint Venture with an Australian Graphene technology specialist called Ionic Industries.{{Cite news |last=Budszus |first=Tom |date=December 1, 2023 |title=Cap-XX shares up as Australia approves grant for research, development |url=https://www.morningstar.co.uk/uk/news/AN_1701427713904349300/cap-xx-shares-up-as-australia-approves-grant-for-research-development.aspx |work=Morningstar |agency=Alliance News}} The partnership is currently developing reduced graphite oxide (rGO) electrode technology.{{Cite web |title=Energy Storage: Graphene Supercapacitors for Energy Storage Applications |url=https://ionicindustries.com.au/energy-storage/ |website=Ionic Industries}} The aim of integrating Ionic's electrode nanotechnology with CAP-XX's Supercapacitors, is to increase the energy density of electrodes within supercapacitors.{{Cite web|url=https://www.cap-xx.com/cap-xx-signs-joint-venture-with-australian-graphene-technology-specialist-ionic-industries/|title=CAP-XX signs joint venture with Australian graphene technology specialist Ionic Industries|first=Paige|last=Padden|date=December 6, 2023}} The rGO electrode technology was developed over the course of several years with Monash University.{{Cite web |date=July 30, 2015 |title=Energy technology miniaturisation for a smarter Australia |url=https://www.monash.edu/news/articles/9098 |website=Monash University}}
In March 2024, the court ruled to settle the legal action between CAP-XX and Tesla.{{Cite web |last=Curzon |first=Emma |date=March 21, 2024 |title=Cap-XX shares soar after settlement with Tesla in patent litigation |url=https://uk.marketscreener.com/quote/stock/CAP-XX-LIMITED-4006030/news/Cap-XX-shares-soar-after-settlement-with-Tesla-in-patent-litigation-46251552/ |website=Marketscreener |agency=Alliance News}} In June 2024, CAP-XX had appointed some new non-executive directors, including Dr Graham Cooley (former CEO of ITM Power).{{Cite web |last=Buchanunn |first=Joe |date=August 2, 2024 |title=New honorary professor to deliver a 'power up' for the Brunel Hydrogen Group |url=https://www.brunel.ac.uk/news-and-events/news/articles/New-honorary-professor-to-deliver-a-'power-up'-for-the-Brunel-Hydrogen-Group |website=Brunel University}} 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.{{Cite web |date=July 16, 2024 |title=CAP-XX and SCHURTER |url=https://www.schurter.com/en/news/cap-xx-and-schurter |website=Schurter}}
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.
Products and technology
CAP-XX produces a range of energy storage products, including:{{Cite web |title=Products |url=https://www.cap-xx.com |website=CAP-XX}}
- Ultra-thin prismatic supercapacitors: Features a compact form factor and ability to operate in harsh environments.
- DMV: The 3 V, 750 mF, 21 × 14 × 2.2 mm supercapacitor.
- DMH: The 4.5 V / 35 mF or 2.25 V / 140 mF, 20 × 20 × 0.4 mm supercapacitors.
- DMF: The 5 V, up to 1 F (1000 mF), 30 × 14 × 3.7 mm supercapacitors.
- DMT: The 4.2 V up to 470 mF, 21 × 14 × 3.5 mm supercapacitors.
- Cylindrical supercapacitors: from 0.5 F to 3000 F, for applications requiring higher energy density.
- Coin-cell supercapacitors: 0.5 F to 1.5 F.
- Lithium-ion hybrid supercapacitors: combining the energy density of lithium-ion batteries with the fast charge-discharge of supercapacitors (10 F to 220 F).
- Large microgrid modules: Stabilsing energy, managing fluctuations, and support renewables.
- Truck start modules: Providing quick, efficient electric power for vehicle startups.
Future products:
- Cylindrical surface-mount technology (SMT) for supercapacitors: new patents submitted 2024.{{Cite web|url=https://www.cap-xx.com/cap-xx-finalizes-two-new-international-patents-for-its-supercapacitor-technology/|title=CAP-XX finalizes two new international patents for its supercapacitor technology|first=Paige|last=Padden|date=December 12, 2023}}{{Cite web |last=Beveridge |first=Holly |date=December 7, 2023 |title=Cap-XX touts better patent protection for supercapacitator technology |url=https://www.morningstar.co.uk/uk/news/AN_1701959408435822700/cap-xx-touts-better-patent-protection-for-supercapacitator-technology.aspx |website=Morningstar |agency=Alliance News}}
- rGO supercapacitors: development with Ionic Industries ongoing.
Markets and applications
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,{{Cite web |last=Kan |first=Charlotte |date=April 14, 2016 |title=Cap-XX chief hails AVX deal as strong validation of its technology |url=https://www.proactiveinvestors.co.uk/companies/news/304894/cap-xx-chief-hails-avx-deal-as-strong-validation-of-its-technology-4894.html |website=Proactiveinvestors UK}}{{Cite web |last=Harrington |first=John |date=22 March 2016 |title=Cap-XX Limited soars on US licensing deal |url=https://www.proactiveinvestors.co.uk/companies/news/123963/cap-xx-limited-soars-on-us-licensing-deal-123963.html}} including:
- Smart meters: providing backup power and enabling efficient data transmission{{Cite web |last=Gilbert |first=Iain |date=October 16, 2024 |title=CAP-XX inks smart metering contract with South African client |url=https://www.pilling.co.uk/home/profiles/news-and-research/external-news/article/?category=aim-bulletin&slug=cap-xx-inks-smart-metering-contract-with-south-african-client&story_id=17700644# |website=Pilling}}
- Automotive: supporting electrified systems and regenerative braking in electric and hybrid vehicles.
- IoT and wearable devices: efficient energy storage in compact designs.
- Renewable energy: supporting energy storage and grid balancing applications.
- Data centers: providing power when demand is high and charge when it is low, smoothing out power fluctuations.
- Marine propulsion systems: providing regenerative power management to ship propulsion systems{{Cite web|url=https://www.cap-xx.com/marine-edge-selects-cap-xx-liquid-cooled-supercapacitor-modules-for-its-hybrid-propulsion-system-for-cargo-ships/|title=MARINE EDGE Selects CAP-XX Liquid-Cooled Supercapacitor Modules for its Hybrid Propulsion System for Cargo Ships|date=November 15, 2022}}
Finances
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) {{Cite web |date=2006 |title=Economic Impact of Private Equity and Venture Capital in Australia |url=http://ict-industry-reports.com.au/wp-content/uploads/sites/3/2008/04/2006-economic-impact-of-private-equity-avcal-pwc.pdf |website=AVCAL |page=30}} during 2 funding rounds with investors such as Intel through its venture capital arm, Intel Capital.{{Cite web |last=Reisch |first=Marc S. |date=February 2, 2015 |title=Power Savers: Materials Research Advances Supercapacitors as adjuncts to Traditional Batteries |url=https://www.princeton.edu/~cml/assets/publicity/Supercapacitors_20150202.pdf |website=Princeton University}} Since the CAP-XX IPO in 2006, the company has been a revenue generating business but has consistently made a loss over the years.{{Cite web |last=Gilbert |first=Iain |date=May 19, 2020 |title=CAP-XX losses widen despite improved revenues |url=https://www.sharecast.com/news/aim-bulletin/cap-xx-losses-widen-despite-improved-revenues--7502000.html |website=Sharecast}}{{Cite web |last=Gordon |first=Jeremy |date=April 25, 2024 |title=Quilter and Marlborough hit by stricken AIM stock that tried to sue Tesla |url=https://citywire.com/funds-insider/news/quilter-and-marlborough-hit-by-stricken-aim-stock-that-tried-to-sue-tesla/a2441360 |website=City Wire}}
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 R&D tax rebate of A$1.25million from Australia in January 2025.{{Cite web |date=June 30, 2024 |title=Audited results for the year ended 30 June 2024 – Company Announcement - FT.com |url=https://markets.ft.com/data/announce/full?dockey=1323-16787533-2I2RTGF6M6Q3ADN9CMG4HSQOML |website=markets.ft.com}}