Ioxus Inc. has raised US$15 million in a Series C financing led by U.S. venture capital firm The Westly Group. Co-investors included Toronto-based Northwater Capital Management, as well as Braemar Energy Ventures, Energy Technology Ventures, NRG Energy, ConocoPhillips and Aster Capital. Ioxus, based in Oneonta, New York, is a provider of ultracapacitors, hybrid-capacitors and modules for cost-effective green energy solutions.
Ioxus Receives $15 Million in Series C Funding
Investment from prominent firms to embolden business operations; Reinforces strategic direction of company
ONEONTA, N.Y.–(BUSINESS WIRE)–Ioxus, a manufacturer of premium performance ultracapacitor technology for use in transportation, industrial and energy applications, received $15 million in Series C funding from investors. Ioxus announced the investment via documentation filed with the U.S. Securities and Exchange Commission (SEC) on July 12, 2013.
The Westly Group, a venture capital firm based in Menlo Park, California led the financing. Additional investors include Northwater Capital Management, Braemar Energy Ventures, Energy Technology Ventures, a joint venture of General Electric, NRG Energy and ConocoPhillips, and Aster Capital. The company plans to use the funds to further research and development, expand its manufacturing capabilities and increase sales and marketing operations.
“We are delighted to spearhead this round of funding for Ioxus at a time when the company and market are primed for dramatic global growth,” said Mike Dorsey, Managing Partner, The Westly Group. “Through our exhaustive research into the energy storage space, it was clear that Ioxus’ market-leading technology, proven business model and seasoned management were the right combination of factors for creating a successful business. We have tremendous confidence in the company and believe it has already proven itself to be a leading company in the energy storage sector. Ioxus has a bright future and we look forward to being a part of its growth.”
“We have a tremendous stable of investors who share our vision for energy storage and see the same, massive potential for Ioxus that we do. The Westly Group has a great track record of picking industry winners and we intend to add to that list,” said Mark McGough, CEO, Ioxus. “First and foremost, our proven technology sets us apart from competitors and puts us at the leading edge of the burgeoning energy storage industry.”
A year of success
Recently, Ioxus announced 80 percent annual growth in Japan1, a progressive market for ultracapacitor applications. Earlier in 2013, Ioxus unveiled the 1200F iCAP™ cell, a high-powered building block for a new family of advanced module products enabling superior start/stop designs for combustion engine vehicles. This introduction followed the successful launch of three new modules for renewable energy and heavy transport applications: the iMOD® 80V/12F, 16V/500F and 48V/165F series.
Additional Ioxus Information:
Ioxus data sheets: http://www.ioxus.com/data-sheets.html
Buy Ioxus products: http://www.ioxus.com/wheretobuy.html
Ioxus on Twitter: http://www.twitter.com/ioxus
1 YoY comparison: January-June, 2013, vs. January-June, 2012
Ioxus manufactures premium performance ultracapacitor technology for transportation, alternative energy, medical, industrial and consumer product markets. The company offers the highest power and energy density ultracapacitors and hybrid capacitors ranging in size from 100 Farads to 3,000 Farads, with both iCAP® cylindrical and THiNCAP® laminated pouch cells available. Ioxus ultracapacitors have higher power compared to other ultracapacitors, with smaller, lighter weight iMOD® modules and systems. Its family of ultracapacitors is uniquely optimized for high performance with low resistance, ideal for delivering high power bursts for acceleration, energy recapture, peak load shaving and high power applications. Ioxus is headquartered in Oneonta, N.Y. For more information, visit www.ioxus.com.
Photo courtesy of Shutterstock.