The Austin Chamber of Commerce and the Central Texas Regional Center of Innovation and Commercialization (CenTex RCIC) announce that the state of Texas has chosen Faradox Energy Storage, Inc. as the recipient of a pre-seed award funded through the Texas Emerging Technology Fund (ETF). This company, which has developed a new process for fabrication of high-performance electrical capacitors, will receive a $250,000 pre-seed project award for the commercialization of its technology.

“The CenTex RCIC is proud to include Faradox in its portfolio of innovative companies expanding our regional technology base," said Jeff King, Partner Haynes & Boone, LLP and Chairman of the CenTex RCIC. “Faradox is responding to high demand in a clear market opportunity.”

Faradox, Inc. creates high temperature capacitors packing greater energy density into smaller packages. Capacitors, one of the most critical components of electronics, represent a market of $12.6 billion per year. The Faradox product is a temperature tolerant, high energy density capacitor that will be marketed to niche industries including aerospace, defense systems, oil and gas exploration, automotive electronics and implantable medical devices such as cardiac pacemakers.

“We are pleased and excited to join the impressive list of Central Texas companies that have received awards from the ETF,” said Keith Jamison, CEO of Faradox Energy Storage. “Our innovative technology is aimed directly at next generation energy storage products and will place Faradox and Austin at the forefront of the high performance capacitor and passive storage industry.”

With the award from the ETF, Faradox will be on track to engage initial customers and to begin seeking additional funding to set up a high-performance capacitor manufacturing facility in Texas. They will work closely with Texas State University’s Department of Chemistry as well as the Texas Engineering and Extension Center at Texas A&M University to complete testing of their high-performance capacitor product.

Faradox is currently housed within a 7,000 square foot facility for R&D, engineering and prototype manufacturing in Austin with close proximity to numerous laboratories, research centers and private semiconductor companies.

“Faradox is an ideal company to be supported by the Emerging Technology Fund,” said Professor Gary Beall, Texas State University Department of Chemistry. “We look forward to working with them to cultivate ideas and research and bring them together to improve their product.”

Faradox was selected by the CenTex RCIC after an extensive due diligence process based on multiple criteria including a stringent analyses of the market and financial opportunity, technology potential, management team and economic impact to Texas.

The CenTex RCIC is a virtual center that operates out of the Austin Chamber of Commerce and serves as a catalyst for emerging technology research, development, commercialization and start-up incubation. In an effort to keep Texas globally competitive, the CenTex RCIC focuses on integrating technology development and commercialization in a 15-county region.