Ioxus, a manufacturer of ultracapacitor technology, has raised $15 million in Series C funding from investors. The Westly Group, a venture capital firm based in Menlo Park, California, led the financing. The company plans to use the funds to further research and development, expand manufacturing capabilities and increase sales and marketing operations.
Ultracapacitors (aka ultracaps or supercapacitors), which have become commercially available only in the past decade or two, are energy storage devices that feature high charge/discharge rates, high cycle life and great performance at low temperatures. These characteristics make them excellent complements to batteries, or to ICE engines, particularly in start/stop applications.
“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 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 Ioxus CEO Mark McGough. “Our proven technology sets us apart from competitors and puts us at the leading edge of the burgeoning energy storage industry.”
Ioxus has had a banner year so far. It launched three new modules for renewable energy and heavy transport applications: the iMOD 80V/12F, 16V/500F and 48V/165F series. Then it unveiled the 1200F iCAP cell, a high-powered building block for a new family of products enabling start/stop designs for combustion engine vehicles. The company recently announced 80 percent annual growth in Japan.