Ioxus Inc., a manufacturer of ultracapacitor technology for the alternative energy, transportation and industrial markets, 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.
‘Ioxus is developing lighter, more compact and cost-efficient energy-storage technologies that will be relied on to complement or replace rechargeable batteries in a wide variety of consumer and industrial products, such as handheld electronic devices, hybrid electric vehicles, wind turbines, aircraft and medical equipment,’ says Kevin Skillern, venture capital leader at GE Energy Financial Services and Energy Technology Ventures.
Ultracapacitors help temporarily store intermittent energy produced by wind, solar and wave energy projects, and they deliver the power to the grid when needed.
SOURCE: Ioxus Inc.