Ioxus, a manufacturer of premium performance ultracapacitor technology for use in transportation, industrial and energy applications, completed its series C funding with receipt of $21 million from investors. IFC, a member of the World Bank Group, and the largest global development institution focused exclusively on the private sector, together with the Westly Group, a venture capital firm based in Menlo Park, California, led the financing.
The company plans to use the funds to expand its customer service, sales and manufacturing in Asia, with a focus on China.
China is the leading global market for new energy buses, passenger rail, automobile sales and renewable wind power generation; Ioxus products directly benefit those applications. With the assistance of IFC, Ioxus will significantly expand its sales, customer service and manufacturing presence in China.