FastCAP Founders
Dr. Riccardo Signorelli and John Cooley spent six years doing research and development in the MIT Laboratory for Electromagnetic and Electronic Systems on energy storage technology.

Recovery Act Impact: FastCAP Systems

  • Developed "green" battery technology

  • Recovery Act grant: $5.4 million

  • Department of Energy - Advanced research projects agency (ARPA - E)

  • Increased from 2 employees to 20

  • Attracted private investment

What they discovered was a revolutionary, cost effective way to develop "green" batteries that could store energy and charge quickly - in seconds, in most cases. The scientists knew their technology had implications for saving energy and reducing fuel consumption and in 2008 they formed Boston-based FastCAP Systems to bring their ideas to the marketplace.

"We proved the science," said Signorelli. "We were ready to make it a product."

There was just one thing: The pair needed funding to do that.

Fortunately in 2009, FastCAP was one of the first 37 companies across the

FastCAP Team
country to receive a Department of Energy grant through the Recovery Act. The $5.4 million award enabled the company to develop energy storage products for industrial use that deliver energy quickly and more cost effectively as well as develop green batteries for hybrid and electric cars that are cheaper, last longer and charge quickly.

"We are developing something transformative," said Signorelli. "We are cutting costs and making batteries that that last longer and are smaller."

The Recovery Act grant also enabled the company to attract private investors so the company could grow and hire much needed talent. In fact the company has

FastCAP Scientists
grown from its original two founders to 20 employees and according to Signorelli, if things continue at the pace they are at, that number will double by the end of the year. As the company expands, Signorelli said he would like to remain in Massachusetts because of its access to engineering talent and infrastructure.

"The stimulus package is really what made FastCAP happen," said Signorelli. "They really believed in the team and the technology."