Ioxus Receives $15 Million in Series C Funding

Investment from prominent firms to embolden business operations; Reinforces strategic direction of company

ONEONTA, N.Y.–(BUSINESS WIRE)–Ioxus, a manufacturer of premium performance ultracapacitor technology for use in transportation, industrial and energy applications, received $15 million in Series C funding from investors. Ioxus announced the investment via documentation filed with the U.S. Securities and Exchange Commission (SEC) on July 12, 2013.

The Westly Group, a venture capital firm based in Menlo Park, California led the financing. Additional investors include Northwater Capital Management, Braemar Energy Ventures, Energy Technology Ventures, a joint venture of General Electric, NRG Energy and ConocoPhillips, and Aster Capital. The company plans to use the funds to further research and development, expand its manufacturing capabilities and increase sales and marketing operations.

“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 tremendous confidence in the company and believe it has already proven itself to be a leading company in the energy storage sector. Ioxus has a bright future and we look forward to being a part of its growth.”

“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 Mark McGough, CEO, Ioxus. “First and foremost, our proven technology sets us apart from competitors and puts us at the leading edge of the burgeoning energy storage industry.”

A year of success

Recently, Ioxus announced 80 percent annual growth in Japan1, a progressive market for ultracapacitor applications. Earlier in 2013, Ioxus unveiled the 1200F iCAP™ cell, a high-powered building block for a new family of advanced module products enabling superior start/stop designs for combustion engine vehicles. This introduction followed the successful launch of three new modules for renewable energy and heavy transport applications: the iMOD® 80V/12F, 16V/500F and 48V/165F series.

Additional Ioxus Information:

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1 YoY comparison: January-June, 2013, vs. January-June, 2012

About Ioxus

Ioxus manufactures premium performance ultracapacitor technology for transportation, alternative energy, medical, industrial and consumer product markets. The company offers the highest power and energy density ultracapacitors and hybrid capacitors ranging in size from 100 Farads to 3,000 Farads, with both iCAP® cylindrical and THiNCAP® laminated pouch cells available. Ioxus ultracapacitors have higher power compared to other ultracapacitors, with smaller, lighter weight iMOD® modules and systems. Its family of ultracapacitors is 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.

Contacts

Racepoint Group for Ioxus
Jonathan Temerlies, 202-349-0859
ioxus@racepointgroup.com

Latest News

  • uSTART® Lead-Free Replacement for Truck Batteries

    ONEONTA, N.Y.Jan. 9, 2019 /PRNewswire/ -- Ioxus uSTART® has received two fleet industry awards for sustainability by eliminating lead-acid batteries with its ultracapacitor-based, drop-in battery replacement.

    "With uSTART, fleets not only realize the benefits of improved starting reliability, there are equally important and real sustainability improvements from lead waste reduction," said Chad Hall, executive vice president and co-founder of Ioxus. "By replacing one of the batteries on a vehicle with a uSTART module, up to 15 fewer batteries are needed over the lifetime of the vehicle. This translates into 1,000 pounds of lead that will never need to be disposed of or allowed to affect groundwater."

    EU legislation on batteries is embodied in the European Battery Directive.  Its objective is to contribute to the preservation and improvement of environmental quality by minimizing the negative impact of batteries and battery waste.  As these preservation efforts expand, sustainable technologies develop to manage and mitigate these risks.

    Replacing a lead-acid battery with uSTART in a typical commercial vehicle creates measurable environmental benefits:

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