On a side note the enhanced plasma manifold which effects shields and aux power only operates the same way. The drawback to this device is it actually uses a console spot whereas the red matter capacitor goes in a device slot. I no longer purchase batteries anymore even with the 3 minute cooldown on this device.
Since batteries and the RMC have different cooldown durations, while in combat I'll use a weapons battery, then quickly open the inventory and swap in the RMC and then I only have to wait about 40 seconds instead of 2 minutes until I can boost power levels again. Then swap back to weapons battery after using the RMC.
I'd like to know how your doing this seeing as you can't modify equipped items while "Red Alert" is active, while in active combat.
It's pretty nifty when you keep them in rotation. You'll only run into a full 2-minute cooldown on both devices at the same time every 4th switch or something like that.
Slot the battery/RMC in the leftmost device slot so that the swapping is as simple as 'I key > double-click RMC or battery in the inventory for an instant swap > I key again' which only takes maybe 1 second of your time during combat.