18th Dec 2023 11:50
(Alliance News) - CAP-XX Ltd on Monday responded to a court decision regarding its patent infringement case against Maxwell Technologies Inc.
Shares in CAP-XX fell 55% to 0.77 pence each in london on Monday morning.
The Sydney-based company, which manufactures supercapacitors for portable electronic devices, started its patent infringement trial against Maxwell Technologies last Monday.
The complaint, filed in September 2019, alleged that Maxwell Technologies had directly and indirectly infringed on CAP-XX's patents for several capacitor products.
On Friday, the jury in the Delaware district court affirmed that CAP-XX's patents were invalid, thereby nullifying the accusations against Maxwell. As a result, Maxwell is not liable to pay any damages or license fees.
Maxwell, a California-based manufacturer of energy storage and power delivery products, was acquired by Tesla Inc in 2019 for USD218 million.
In response, the company said: "Whilst CAP-XX is disappointed with this decision, it is in discussions with its attorneys to agree the appropriate next steps."
By Hugh Cameron, Alliance News reporter
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