Ultracapacitor company gets $21 million investment for energy storage development

Ioxus receives $21 million investment from Northwater Capital, Energy Technology Ventures – a GE-NRG Energy-ConocoPhillips joint venture – Braemar Energy Ventures and Aster Capital to further expansion in high-tech energy storage.


Ioxus Inc. announced that it 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,” said Kevin Skillern, venture capital leader at GE Energy Financial Services and Energy Technology Ventures. “These applications align well with Energy Technology Ventures’ reach across the energy sector, and GE’s additional breadth in healthcare, industrial and aviation, offering many opportunities for commercial and technical cooperation.”

Ultracapacitors are electronic components that excel at releasing and absorbing bursts of high power for short periods over many more charge and discharge cycles than batteries. When paired with batteries, ultracapacitors provide peak power, such as for hybrid electric vehicles to capture energy during braking. Ultracapacitors help temporarily store intermittent energy produced by solar, wind and wave energy projects, and they deliver the power to the grid when needed.

“We focus our investments on companies that pursue game-changing technologies in the energy value chain. As Ioxus expands to fulfill the energy storage requirements of wind turbines, hybrid vehicles and other manufacturers around the world, the company needs to continue evolving the ultracapacitors and hybrid components upon which alternative energy applications rely,” said Frank Egan of Northwater Capital. “With the support of this round of financing, Ioxus certainly is poised to fulfill that expectation.”

A combination of application development, consumer interest, and world energy trends makes this a compelling moment to invest in cost-effective, green energy solutions. Ioxus’ ultracapacitors and hybrid capacitors are among the most significant enabling technologies for clean energy and energy efficiency.

“This round of funding caps off a quarter of great momentum in which we increased sales globally, established a distributor network throughout the Asia Pacific region, and opened a new production facility that will allow us to exponentially increase our capacity,” said Mark McGough, CEO of Ioxus.

Ioxus Inc. manufactures ultracapacitor technology for transportation, alternative energy, medical, industrial and consumer product markets.

www.ioxus.com Ioxus Inc.

No comments
The Top Plant program honors outstanding manufacturing facilities in North America. View the 2013 Top Plant.
The Product of the Year program recognizes products newly released in the manufacturing industries.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
Sister act: Building on their father's legacy, a new generation moves Bales Metal Surface Solutions forward; Meet the 2015 Engineering Leaders Under 40
2015 Mid-Year Report: Manufacturing's newest tool: In a digital age, digits will play a key role in the plant of the future; Ethernet certification; Mitigate harmonics; World class maintenance
2015 Lubrication Guide: Green and gold in lubrication: Environmentally friendly fluids and sealing systems offer a new perspective
Drilling for Big Data: Managing the flow of information; Big data drilldown series: Challenge and opportunity; OT to IT: Creating a circle of improvement; Industry loses best workers, again
Pipeline vulnerabilities? Securing hydrocarbon transit; Predictive analytics hit the mainstream; Dirty pipelines decrease flow, production—pig your line; Ensuring pipeline physical and cyber security
Cyber security attack: The threat is real; Hacking O&G control systems: Understanding the cyber risk; The active cyber defense cycle
Designing positive-energy buildings; Ensuring power quality; Complying with NFPA 110; Minimizing arc flash hazards
Building high availability into industrial computers; Of key metrics and myth busting; The truth about five common VFD myths
New industrial buildings: Greener, cleaner, leaner; New building designs for industry; Take a new look at absorption cooling; Offshored jobs start to come back

Annual Salary Survey

After almost a decade of uncertainty, the confidence of plant floor managers is soaring. Even with a number of challenges and while implementing new technologies, there is a renewed sense of optimism among plant managers about their business and their future.

The respondents to the 2014 Plant Engineering Salary Survey come from throughout the U.S. and serve a variety of industries, but they are uniform in their optimism about manufacturing. This year’s survey found 79% consider manufacturing a secure career. That’s up from 75% in 2013 and significantly higher than the 63% figure when Plant Engineering first started asking that question a decade ago.

Read more: 2014 Salary Survey: Confidence rises amid the challenges

Maintenance and reliability tips and best practices from the maintenance and reliability coaches at Allied Reliability Group.
The One Voice for Manufacturing blog reports on federal public policy issues impacting the manufacturing sector. One Voice is a joint effort by the National Tooling and Machining...
The Society for Maintenance and Reliability Professionals an organization devoted...
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.
Maintenance is not optional in manufacturing. It’s a profit center, driving productivity and uptime while reducing overall repair costs.
The Lachance on CMMS blog is about current maintenance topics. Blogger Paul Lachance is president and chief technology officer for Smartware Group.