Ultracapacitor Maker Ioxus Closes Series C at $21M
Dow Jones Private Equity and Venture Capital
IFC, a member of the World Bank Group that's based in Beijing, has invested in Ioxus Inc . to help develop more energy-efficient transportation in China.
IFC co-led Ioxus's Series C round, which the company first announced in July at $15 million, along with the Westly Group. The round is now closed at $21 million. Valuation is not disclosed.
Ioxus makes ultracapacitors, which unlike batteries can rapidly store and deliver power in bursts. Ultracapacitors also last longer than batteries, according to Chief Executive Mark McGough , and this makes them well-suited for power generated from wind and for buses and other forms of transportation that run on alternative energy.
The new money and the relationship with IFC will help Ioxus advance in China, where it's important to have local relationships, Mr. McGough said. China is also Ioxus's biggest market, and the company claims to be able to cut emissions on China's dirty diesel buses by 72%.
Ioxus has now raised about $46 million. The company could have raised 50% more than it did in this current round and turned investors away, Mr. McGough said.
Other investors in the Series C round include Northwater Capital Management , Braemar Energy Ventures, Energy Technology Ventures and Aster Capital , according to VentureWire records. All investors stayed in the round at 100%, Mr. McGough said.