Ioxus Gets $21 Million to Expand Energy-Storage Push in ChinaJustin Doom
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.
“IFC has a very strong presence in China, and China is a key market for us,” McGough said in a telephone interview. The world’s second-largest economy is the top market for ultracapacitors. “We have a great deal of interest from a lot of major players.”
Ioxus exports more than 80 percent of what it manufactures at its facility at Oneonta -- more than half of that to China, where the systems can be used to reduce diesel-bus emissions by more than two-thirds. IFC has invested more than $11 billion since 2005 in projects that help reduce climate change, according to its website.