Designer and manufacturer of ultracapacitors and storage units Titan Power Solution is opening an assembly plant in the city of Komsomolsk-on-Amur in Russia’s Far East. This announcement was made in a press release from Digital Evolution Ventures (Rosatom Venture Fund managed by Orbita Capital Partners), Far East High Technology Fund, and I2BF Global Ventures (Titan Power shareholder).

They will provide the company with RUB 200 mln worth of financing. Among other things, the investment made by these funds are expected to go towards establishing an engineering center and an assembly plant in Parus Industrial Park on the territory of the Komsomolsk Advanced Special Economic Zone. The company has already opened a separate business unit in Komsomolsk-on-Amur.

“With the Far East High Technology Fund and Rosatom Fund on board, the company will gain a significant amount of strength and stability,” said Vladimir Vorozheykin, Founder and CEO of Titan Power Solution, whose statement was quoted in the press release.

CEO of the Far East High Technology Fund Ruslan Sarkisov added that the company’s solutions are already in demand among a large pool of major industrial enterprises operating in the Far East.

Titan Power Solution is one of the Russian leaders in the design and manufacture of ultracapacitor-based devices and solutions (industrial electric ultracapacitors), as well as li-ion and hybrid storage units.

“Our investors (Rosatom State Corporation) are extremely interested in these solutions”, said Evgeny Kuznetsov, CEO of Orbita Capital Partners. According to Kuznetsov, the Russian market for ultracapacitors and systems based on ultracapacitors was estimated at RUB 1.5 bln in 2019, with a growth potential of up to RUB 5–10 bln within the next 5 years. The annual growth rate of this market is 50%. In May 2019, Tesla announced the second stage of its merger with Maxwell Technologies. Similar to Titan Power Solution, this company designs and manufactures energy storage and delivery solutions, including ultracapacitors.