Ultracapacitor maker Ioxus raises another $21 million

In the frenzy over energy storage technologies, ultracapacitors sometimes ends up looking like wallflowers because they traditionally haven’t been able to storage as much power as certain battery formats.

Still, the technology—which enables bursts of energy for faster acceleration—continues to attract plenty of attention in places like China, where it is widely used for hybrid buses and other transportation alternatives aimed at reduced carbon dioxide emissions.

While you may be familiar with Maxwell Technologies, one of the best-known players in this space, the spotlight this week is on Ioxus from Oneonta, N.Y., which just raised $21 million in Series C funding from the IFC, a member of the World Bank Group, and venture capital firm Westly Group.

This money will be used to expand customer service, sales and manufacturing in Asia, especially China, where Ioxus’ technology is being targeted at applications in hybrid transportation, passenger rail and energy applications.

“Ioxus’ 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 real-time issues such as pollution prevention in developing countries,” said Nikunj Jinsi, Global Head of Venture Capital for IFC, in a statement.

The company’s president and CEO, Mark McGough, has a resume full of experience with technology and energy companies. He was also a division head at Maxwell, where he launched the company’s ultracapacitor business. So far, Ioxus has raised a total of $46 million over the past several years. Other notable investors in the company include Energy Technology Ventures (the joint venture of General Electric GE -0.59%, NRG Energy NRG -2.1%, and ConocoPhillips COP +1.66%), Aster Capital (which represents several entities including Schneider Electric ) and Braemar Energy Ventures.

Ioxus’ technology is interesting because it is offers higher power and energy densities than alternatives, in a smaller, lighter module format. Aside from applications in energy storage and transportation, its ultracapacitor components could also be appropriate for rethinking the power equation in handheld electronics, wind turbines, aircraft and medical equipment.

http://www.forbes.com/sites/heatherclancy/2014/04/07/ultracapacitor-maker-ioxus-raise-another-21-million/?ss=energy