Ioxus Receives $21 Million InvestmentApril 14, 2011 by Jeff Shepard
Ioxus, Inc., a manufacturer of ultracapacitor technology for transportation, alternative energy, medical, industrial and consumer product markets, announced that it has received a total of $21 million from Energy Technology Ventures (a GE-NRG Energy-ConocoPhillips joint venture), Northwater Capital through its Northwater Intellectual Property Fund, Aster Capital (representing Alstom, Schneider Electric and Rhodia) and return investor Braemar Energy Ventures. Ioxus will use this funding to develop its technology and expand sales, marketing and manufacturing to meet the growing demand for ultracapacitors.
"Ioxus is developing lighter, more compact and cost-efficient energy storage technologies that will be relied on to complement or replace rechargeable batteries in a wide variety of consumer and industrial products such as handheld electronic devices, hybrid electric vehicles, wind turbines, aircraft and medical equipment," said Kevin Skillern, venture capital leader at GE Energy Financial Services and Energy Technology Ventures. "These applications align well with Energy Technology Ventures’ reach across the energy sector, and GE’s additional breadth in healthcare, industrial and aviation, offering many opportunities for commercial and technical cooperation."
Ultracapacitors are electronic components that excel at releasing and absorbing bursts of high power for short periods over many more charge and discharge cycles than batteries. When paired with batteries, ultracapacitors provide peak power, such as for hybrid electric vehicles to capture energy during braking. Ultracapacitors help temporarily store intermittent energy produced by solar, wind and wave energy projects, and they deliver the power to the grid when needed.
"We focus our investments on companies that pursue game-changing technologies in the energy value chain. As Ioxus expands to fulfill the energy storage requirements of wind turbines, hybrid vehicles and other manufacturers around the world, the company needs to continue evolving the ultracapacitors and hybrid components upon which alternative energy applications rely," said Frank Egan of Northwater Capital. "With the support of this round of financing, Ioxus certainly is poised to fulfill that expectation."
A combination of application development, consumer interest and world energy trends makes this a compelling moment to invest in cost-effective, green energy solutions. Ioxus’ ultracapacitors and hybrid capacitors are among the most significant enabling technologies for clean energy and energy efficiency.
"This round of funding caps off a quarter of great momentum in which we increased sales globally, established a distributor network throughout the Asia Pacific region, and opened a new production facility that will allow us to exponentially increase our capacity," said Mark McGough, CEO of Ioxus. "Our new strategic investors, who are global leaders and have a resident demand for ultracapacitors, will help move Ioxus forward in its mission to design and manufacture the finest ultracapacitors on the market."