The electrochemical properties of high surface area transition metal oxide aerogels are extremely interesting because aerogels serve to amplify surface effects. As a result, the electrochemical properties are dominated by surfaces rather than by bulk behavior. In the case of vanadium oxide aerogels this leads to extraordinary electrochemical properties, including an extremely high capacity for lithium and electrochemical responses that are both battery-like and capacitor-like. By exploiting sol-gel synthesis, it is possible to synthesize nanocomposite electrodes in which aerogels are in intimate contact with carbon nanotubes. The resulting nanocomposites exhibit superior electrochemical properties, especially at high discharge.