Supercapacitor developer raises funds from private-public partnership
25 Dec '19
A Russian developer of energy storage solutions, called Titan Power Solution, raised more than $3m from a private-public partnership led by the state-owned Far East Fund for High Technologies (FEFHT), Firrma.ru reported. Digital Evolution Ventures and I2BF, two domestic VC funds, represented the private sector.
The key investor in FEFHT is a government-run consortium that includes the Foundation for the Development of the Far East and the Arctic, the Russian Venture Company (RVC), and Rusnano, the state-owned nanotech giant.
Titan Power Solution is developing and making devices and systems based on supercapacitors (powerful capacitors used across industries), lithium-ions, and hybrid power storage solutions. Many sectors benefit from such products, especially the automotive industry.
Supercapacitor systems that guarantee the start of internal combustion engines in any temperature conditions, called Titan Engine Start, have been an integral part of UAZ SUV limited editions (the oldest Russian heavy-duty SUV brand) since 2017. Earlier this year the systems were integrated in cars of other Russian and foreign makes. The Titan Engine Start systems have reportedly undergone rigorous tests, including crush tests for compliance with international safety rules. More than 5,000 vehicles have been equipped with the Titan Engine Start systems, according to the source.
Titan Power Solution wants to use the new investment to support serial production expansion, the development of new innovative solutions, the getting of a stronger foothold in the Far East market, and entry into broader markets.
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25 Dec '19 | Energy, utilities | Finance, business