Energy-storage device maker Ioxus raises $21 million in funding

The International Finance Corporation, the investment arm of the World Bank, has agreed to commit $5 million to round out a $21 million Series C financing for the ultracapacitor manufacturer Ioxus. According to an email, the IFC was interested in applications for Ioxus’ technology in China’s hybrid bus market. Part of the IFC’s mandate is to invest in companies that are developing technologies which address climate change, especially in emerging markets.

Ioxus Inc., a closely held maker of energy-storage devices, received a $21 million equity investment to boost its presence in China. The company, based in Oneonta, New York, is opening a second factory in New York this year and may add one in China by the end of 2014, Chief Executive Officer Mark McGough said. Ioxus has raised more than $46 million in equity to develop its ultracapacitors, which can rapidly absorb and release high-voltage power from vehicles or renewable power sources. The World Bank’s International Finance Corp. led this latest round. “IFC has a very strong presence in China, and China is a key market for us,” McGough said in a telephone interview. The world’s second-largest economy is the top market for ultracapacitors. “We have a great deal of interest from a lot of major players.”

Read full article