ADOMANI® Announces Strategic Investment in Supercapacitor Company Amperics, Inc.
CORONA, CA / ACCESSWIRE / November 7, 2018 / ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, announced today a strategic investment in Amperics, Inc., an energy storage technology innovator, developer and vendor of advanced supercapacitor-based intelligent energy storage solutions. ADOMANI and Amperics initially intend to design and manufacture an uninterruptable power supply product to support a new customer in the Far East. The investment is intended to support product development and manufacture of Amperics product verticals.
Since the highest cost components within an electric vehicle drivetrain or stationary energy storage system are typically the battery packs, ADOMANI constantly surveys energy storage options, battery cell chemistry advances and battery vendor offerings to determine how best to balance key attributes such as kilowatt per hour cost, charge/discharge rates, energy density, stability under environmental extremes and degradation over anticipated charge cycles. A beneficial attribute in one area often comes with a corresponding penalty in another. Supercapacitors in general are often associated with high power density, very high cycle-life of hundreds of thousands to millions of cycles, but lower energy density than traditional lithium-ion or flooded lead acid (FLA) batteries. ADOMANI is impressed with the way in which the Amperics supercapacitor technology can alter these attributes, exhibiting a unique combination of both high power density and high energy density.
Regarding this new partnership, Jim Reynolds, President and CEO of ADOMANI, said, “ADOMANI’s use of the patented and proprietary Amperics supercapacitor technology can be a significant differentiator in our zero-emission transportation-related focus areas of vehicle battery packs, ultrafast charging, maximizing recapture of braking energy, vehicle-to-grid capabilities and stationary energy storage, while in parallel, we anticipate the technology may open up new product opportunities for ADOMANI in other energy storage applications that would benefit from highly reliable, long-lasting, high cycle-life alternatives to traditional batteries.”
Bala Padmakumar, CEO of Amperics, said, “While lithium-ion based batteries are seeing technological advances and wider adoption, the fact remains that no single energy storage technology is ideal for all applications. Supercapacitors, with their unique power, lifetime and safety attributes, present a host of new and growing opportunities as the disruptive trends toward renewable energy generation, decentralized energy storage, grid connectivity and electro-mobility, all continue to accelerate. We were struck by the synergies and interesting overlaps between the Amperics target markets and those of ADOMANI. We believe that our engagement with ADOMANI will allow us to advance our technology portfolio while, in parallel, accelerate the pursuit of multiple product verticals.”
Technavio recently forecasted the global supercapacitor market to grow at a CAGR of over 21% during the period 2018 to 2022, according to its latest market research report. An Allied Market Research report stated the globalsuper capacitor market is anticipated to account for $6.3 billion by 2022, growing at a CAGR of 28.7% from 2016 to 2022. Within a Transparency Market Research report titled,”Supercapacitors Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,”it was stated that the global supercapacitors market is expected to reach $5.9 billion by 2026 and expand at a CAGR of 15.24%.
ADOMANI, Inc. is a provider of zero-emission electric and hybrid drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI® is also a provider of new zero-emission electric and hybrid vehicles focused on reducing the total cost of vehicle ownership and helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. For more information, visit www.ADOMANIelectric.com.
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Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in ADOMANI’s reports filed with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “planned,” “expects,” “believes,” “strategy,” “opportunity,” “anticipates,” “outlook,” “designed,” and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI® undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
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