September 26, 2011
NYSERDA Provides $1 Million to Paper Battery Co. of Troy For Work on Ultra-Thin Ultracapacitor Device
Unique Energy Storage Product Can Be Made to Fit Nearly Any Space
The New York State Energy Research and Development Authority (NYSERDA) has awarded $1 million to Paper Battery Co. of Troy to continue development of a fully printed energy-storage device that is as thin as a piece of paper.
NYSERDA's funding will be matched by an additional $1.4 million from Paper Battery and private investors.
Paper Battery seeks to break into the ultracapacitor market, now worth $500 million. Ultracapacitors are energy-storage devices that give off short bursts of energy and are used by computer manufacturers to provide emergency power to allow equipment to finish processing and save critical data in the event of a power outage or other problem. The technology also has a variety of clean-energy applications, including hybrid cars (for rapid acceleration or regenerative braking), flexible solar panels and other products that require high power and long charge/discharge cycle life.
“Ultracapacitors serve a vital role in the clean-energy economy, and Paper Battery’s product design make it unique in this growing market,” said Francis J. Murray Jr., President and CEO of NYSERDA. “NYSERDA is proud to invest in a company that sits at the exciting intersection of nanotechnology, advanced materials and energy storage.”
“I commend NYSERDA and the Paper Battery Company for their partnership that will help this cutting edge technology realize its commercial potential,” said Congressman Paul Tonko. “It's critical that we continue to invest in the innovative ideas that will open up new markets and create jobs.”
Paper Battery, a three-year-old company located at the Russell Sage College INVEST Incubator, has designed a unique production process for energy storage devices. The firm's first product line is called the PowerPatch™, an ultracapacitor that can be manufactured in a variety of shapes and for different energy levels. The device uses a cellulose-based material to contain and separate the various components of the battery, and its thinness and flexibility allows it to fit around the confines of tightly-packed electronic equipment.
Paper Battery's design captures 30 percent more energy than other ultracapacitors, according to Shreefal Mehta, the company's President and CEO. The product is also safer for the environment because it uses less metals than energy storage devices currently being manufactured.
“Thanks to NYSERDA's funding, the company will be able to transition from a working prototype with commercial potential to a pilot line with print stations,” said Mehta. “This funding will allow the company to position itself for scaling to commercial production, growth and job creation."
The company, which currently employs four people, expects to hire up to 10 new employees by this time next year, with plans to start commercial manufacturing in 2013.
NYSERDA, a public benefit corporation, offers objective information and analysis, innovative programs, technical expertise and funding to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce their reliance on fossil fuels. NYSERDA professionals work to protect our environment and create clean-energy jobs. NYSERDA has been developing partnerships to advance innovative energy solutions in New York since 1975.
Last Updated: 05/14/2013
Alan Wechsler, Communications Specialist
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