We are excited to share that local energy startup Capacitech has received funding from Varnadore Financial.
We received word about this funding from Joe Sleppy, CEO of Capacitech Energy, and learned more from a press release published on the UCF Incubator website (content included below).
Congrats Joe and team! Keep rocking and making Orlando proud.
Orlando, Fla. (April 10, 2019) – As Orlando’s Capacitech Energy looks to scale its wire-shaped capacitor innovation, the firm has entered into a partnership with Varnadore Financial to expand its company.
Varnadore has provided funding for Capacitech. This will enable the company to nearly quadruple production.
“Establishing manufacturing is one of the largest remaining bottlenecks for the company to start manufacturing our innovation and generating revenue” says Joe Sleppy, CEO, Capacitech Energy. “Plus, we are very excited to expand our operations in Central Florida, helping us work with more local partners and build the infrastructure to support manufacturing jobs in the near future.”
Capacitech will be using RTP Systems in Melbourne to build the equipment and tools needed for the expansion. It will be housed in Orlando’s Sisom Thin Films, which is building prototypes, and KCP Products for manufacturing. Sisom and RTP Systems will also be supplying the raw materials.
Varnadore was formed in 2011 as a small-business consulting and accounting firm. In 2016, it increased its services to also be a private equity investment firm. It is owned by David and Seth Varnadore , who are father and son.
“When Capacitech came to our attention, we were immediately interested, because it is an exciting startup with forward thinking ambition,” says Seth Varnadore , founder, Varnadore Financial. “Once we met Joe Sleppy and his management team, we knew we wanted to be involved with Capacitech and we look forward to a long, productive relationship with Joe and his team.”
Capacitech Energy was formed to bring the development of a cable-based Capacitor to market. That technology was developed at the University of Central Florida in 2014.
There are many applications for this technology. Capacitech is currently focused on building the cable-based capacitor inside DC power cords to help batteries in solar power systems and IT backup power systems last longer. It can also help miniaturize electronics and could greatly enhance the energy, automotive, healthcare and IT industries.
Once brought to market, the National Science Foundation calls the technology transformative.
“Adding energy storage capability to these cables is transformative and has the potential to be employed in a myriad of electrical and electronic applications,” the National Science Foundation wrote in its abstract of a recent grant award.
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For more information media should contact –
Joe Sleppy, CEO, Capacitech Energy, 727-434-1229, firstname.lastname@example.org
Carol Ann Dykes Logue, Site Manager, UCF Business Incubation Program, 407-207-7426, Carolann.email@example.com
Alan Byrd, Alan Byrd & Associates, 407-415-8470, Alan@ByrdConnections.com
About Capacitech Energy: Capacitech is bringing a new type of capacitor to market. This capacitor, unlike traditional capacitors, is shaped like a wire rather than a soda can. This unique form factor has a plethora of advantages. Most significantly, its thin and flexile nature gives way to embed Capacitech’s Cable-Based Capacitor (CBC) inside power cords. This enables Capacitech’s customers to build capacitive, high-power density energy storage into the infrastructure of systems to improve power quality and complement batteries up without needing to change circuit designs. We are initially targeting the residential solar power market and will scale to IT backup power systems, EVs, wind turbines, and more in the future. For more information, visit capacitechenergy.com
About the UCF Business Incubation Program: The University of Central Florida Business Incubation Program is a community resource that provides early-stage companies with the tools, training and infrastructure to become financially stable, high growth/impact enterprises. Since 1999, this award-winning program has helped over 390 local startup companies reach their potential faster by providing vital business development resources.
With seven facilities throughout the region, the UCF Business Incubation Program is an economic development partnership between the University of Central Florida, the Corridor, Orange, Osceola, Seminole and Volusia counties, and the cities of Apopka, Kissimmee, Orlando and Winter Springs. For the 2016/17 and 2017 /18 fiscal years, the activities of these participating firms have helped sustain more than 6,275 local jobs and have had a cumulative impact of more than $888 million on regional GDP and more than $1.59 billion on regional sales. During the same period, the program has returned $12.03 for every $1 invested in the program. For more information, visit www.incubator.ucf.edu