Performance parameters and relationships typically reported about the electrodes in an electrochemical capacitor generally do not allow active material value to be determined. This is primarily due to non-ideal dynamical behavior of these storage materials, which typically is a result of having high surface area. We show that electrochemical capacitor active material value can be quantified using a derived equivalent circuit model in combination with circuit simulations. The circuit model embodies electrical characteristics of the active material in device form and SPICE simulations allow model validation and storage system design, which is necessary to establish active material value. We demonstrate this approach starting with test data from a small activated-carbon, aqueouselectrolyte capacitor and proceed to design a regenerative braking-energy storage system for a 20-ton city transit bus. A value is then assigned to the active material in the capacitor based on its functional performance. For a specific energy storage application, this approach can provide value quantification of various active materials and thus allow for legitimate comparisons. Electrochemical capacitors (ECs), also known as Supercapacitors or Ultracapacitors, have been developed for an assortment of energy storage applications.1,2 They are made of two porous conductive electrodes immersed in an electrolyte. Their main operating principle is based on the electrostatic attraction of ionic charges by oppositelypolarized solid electrodes in an electric double-layer region formed at electrode/electrolyte interfaces. Consequently, the energy stored in an EC is intrinsically physical. In an ideal electric double layer capacitor, the charge stored is proportional to the potential difference between the two electrodes (cell voltage). The maximum stable operating voltage of an EC is limited by thermodynamic stability of the electrolyte in the presence of the electrode material. When voltage exceeds a critical value the electrolyte tends to decompose, often with electrode surface corrosion that usually generates gas, which negatively impacts cell performance including its calendar life and cycle life. Although ECs are characterized by relatively low energy density, this energy is quickly available, which makes this technology most suitable for storing and delivering high-power pulses. ECs are commonly used to capture and store the regenerative braking energy of city transit buses, thereby reducing environmental pollution created by the burning of fossil fuels.EC research intensity has increased tremendously in recent years with the development of new storage materials and the optimization of existing storage materials. Electrochemical capacitor performance measurements generally include capacitance, series resistance, leakage current, and open-circuit voltage decay. A guideline for reporting electrochemical capacitor performance metrics has recently been published.3 Although all such measurements provide important information, they do not express th...