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.
A year of success
Recently, Ioxus announced 80 percent annual growth in Japan, 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.