Ioxus, a manufacturer of ultracapacitor technology, has raised $21 million in a series C funding round from investors that include IFC, a member of the World Bank Group, and venture capital firm the Westly Group (this follows $15 million that Ioxus raised last July).
Supercapacitors (aka ultracapacitors or ultracaps), with their superior charge/discharge rates and long cycle life, make great companions to lithium-ion batteries, and hold great promise for a variety of applications, from mild hybrids to EVs to stationary storage. New York-based Ioxus offers a broad range of cell styles, from 100 Farads to 3,000 Farads, in both cylindrical and pouch cell form factors.
The company plans to use the new funds to expand its customer service, sales and manufacturing in Asia, with a focus on China, which it sees as the number one market in the world for “new energy” vehicles and renewable power applications, which directly benefit from Ioxus products.
“One of IFC’s strategic priorities is to address climate change and promote the use and manufacturing of environmental technologies in emerging markets,” said IFC’s Nikunj Jinsi. “Ioxus’s 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 pollution prevention in developing countries.”
“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 Ioxus CEO Mark McGough. “Our technology sets us apart from the competition – for instance our iMOD product can cut emissions 72% on every diesel bus in China.”