Ultracapacitor maker Ioxus, Inc., has raised $21 million to commercialize its ultracapacitor energy storage technology.
"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, from GE Energy Financial Services and Energy Technology Ventures.
Investors include Energy Technology Ventures (a GE-NRG Energy-ConocoPhillips joint venture) and Aster Capital (representing Alstom, Schneider Electric and Rhodia), as well as return investor Braemar Energy Ventures.
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 allowing 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.
"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 is headquartered in Oneonta, N.Y.
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