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Ultracap maker Ioxus receives $15M in Series C funding

Ioxus, a manufacturer of premium performance ultracapacitors for use in transportation, industrial and energy applications, received $15 million in Series C funding from investors.

The Westly Group, a venture capital firm based in Menlo Park, California, led the financing. Additional investors include Northwater Capital Management, Braemar Energy Ventures, Energy Technology Ventures, a joint venture of General Electric, NRG Energy and ConocoPhillips, and Aster Capital. The company plans to use the funds to further research and development, expand its manufacturing capabilities and increase sales and marketing operations.

Recently, Ioxus announced 80% annual growth in Japan, a progressive market for ultracapacitor applications. Earlier in 2013, Ioxus unveiled the 1200F iCAP cell, a high-powered building block for a new family of advanced module products enabling superior start/stop designs for combustion engine vehicles. This introduction followed the successful launch of three new modules for renewable energy and heavy transport applications: the iMOD 80V/12F, 16V/500F and 48V/165F series.



It's great to see another supercap maker to compete with Maxwell, and keep them honest. But I have yet to see any supercap maker truly inovate. The battery makers are competing as fast as they're little feet can carry them to make new chemistries and get them to market. On the other hand, Ioxus and Maxwell seem to be very happy to just divide up the little bit of market they have and go with it.
I'm waiting for someone to come in with something new and open up new markets for supercaps.

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