Ioxus, Inc., a manufacturer 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.
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.
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."