Company Will Build Cutting-Edge Facility for High-Performance Materials That Will Improve Next-Generation Vehicles' Efficiency, Range and Affordability
SEATTLE - August 5, 2009 - EnerG2, a Seattle based company focused on introducing advanced nano-structured materials for next- generation energy storage breakthroughs, today announced that the United States Department of Energy has awarded the company $21.3 million in Federal stimulus funds allocated for makers of advanced automotive batteries and energy storage technologies.
The funds will be used to help build the first facility in the world dedicated to the commercial-scale production of nano-engineered synthetic high-performance carbon electrode material. This material is the most important ingredient in ultracapacitor energy storage devices, which are used in electric and hybrid vehicles.
EnerG2 will partner with Oregon Freeze Dry, a current manufacturing partner, in the construction of the facility in Albany, Oregon. OFD will bring deep experience and expertise to the project and will help accelerate the benefits that the plant will bring to the automotive industry.
"We appreciate the Department of Energy's confidence in us," said Rick Luebbe, CEO of EnerG2, "and we are eager to help the next generation of clean transportation become a reality. We are confident that our materials will improve these vehicles' efficiency, range and affordability."
EnerG2's state-of-the-art approach to energy storage centers on customized electrode materials that enhance energy and power density in ultracapacitors, one of the essential engines of our clean-technology future.
Ultracapacitors store and release more energy faster than conventional batteries. The size and make-up of the electrodes' surface area helps ultracapacitors store and supply large bursts of energy; the materials also effectively enable limitless cycle life for the device.
Looking forward, ultracapacitors containing EnerG2 materials will be increasingly embraced by the automotive industry for hybrid electric vehicles, by electronics manufacturers for enhancing the life and usability of consumer goods, and by a variety of industrial customers to deliver an ever-increasing breadth of new ways to improve energy efficiency.
EnerG2 has a strong track record of backing from the public and private sectors. Among the company's supporters: the University of Washington, the Washington Technology Center, WRF Capital, the Sustainability Investment Fund, Northwest Energy Angels, the Frontier Angel Fund, OVP Venture Partners, Yaletown Venture Partners and Firelake Capital Management.
Over the past year, EnerG2 (www.energ2.com) has raised a total of $11 million in Series A financing from established cleantech investors including OVP, Firelake, Yaletown, and WRF Capital.
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Steven Gottlieb for EnerG2