ONEONTA, N.Y.--(BUSINESS WIRE)--Ioxus, a manufacturer of premium performance ultracapacitor technology for use in transportation, industrial and energy applications, today announced the completion of its series C funding with receipt of $21 million from investors.
IFC, a member of the World Bank Group, and the largest global development institution focused exclusively on the private sector, together with the Westly Group, a venture capital firm based in Menlo Park, California, led the financing. The company plans to use the funds to expand its customer service, sales and manufacturing in Asia, with a focus on China.
“One of IFC’s strategic priorities is to address climate change and promote the use and manufacturing of environmental technologies in emerging markets,” said Nikunj Jinsi, Global Head, Venture Capital, IFC. “Ioxus’ ultracapacitor technology, seasoned executive team and successful business model is a strong fit with our aim to support companies poised to have an impact on real time issues such as pollution prevention in developing countries.”
China is the number one market in the world for ‘new energy’ buses, passenger rail, automobile sales and renewable wind power generation, and Ioxus products directly benefit those applications. China is a fast developing country with more than four times the population of the United States. With the assistance of IFC, Ioxus will significantly expand its sales, customer service and manufacturing presence in China.
“I believe we have without question the strongest set of financial backers of any company in our industry, with the likes of GE, Alstom and now IFC with its presence in China” said Mark McGough, CEO Ioxus. “Our technology sets us apart from the competition; for instance our iMOD™ product can cut emissions 72% on every diesel bus in China. Customers love what Ioxus designs and they are driving our supercharged growth.”
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
Ioxus manufactures high performance ultracapacitor technology for transportation, alternative energy, medical, industrial and consumer product markets. The company offers the broadest range of cell styles in the industry, from 100 Farads to 3,000 Farads, with both iCAP® cylindrical and THiNCAP® pouch cell form factors. Ioxus ultracapacitors have higher power and energy density compared to other ultracapacitors with smaller, lighter weight iMOD® modules and the new iMOD X-Series™ family of module systems. Ioxus ultracapacitor products are 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.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.