Ultracapacitor Startup Gets a Big Boost
By Erika Jonietz on October 30, 2009
An MIT spinoff just getting off the ground received a huge helping hand from the U.S. Department of Energy on Monday. FastCAP Systems, of Cambridge, MA, received a two-and-a-half-year, $5.35 million grant in the first round of funding ever issued by the new Advanced Research Projects Agency-Energy (ARPA-E). The company aims to commercialize a nanotube-enhanced ultracapacitor, an energy storage device that could greatly reduce the cost of hybrid and electric vehicles and of fast-responding grid-scale energy storage, making it easier to integrate renewable energy sources such as solar and wind-based power.
"The ARPA-E grant represents the ability to ramp up faster," says Joel Schindall, the MIT professor in whose lab the technology was originally developed. "We now have the resources to do the things that we've been wanting to do for the last few years."
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