Ioxus Gets $21 Million to Expand Energy-Storage Push in China
This article is for subscribers only.
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.