Ioxus, Inc. announced the completion of 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.
"One of IFC's strategic priorities is to address climate change and promote the use and manufacturing of environmental technologies in emerging markets," said Nikunj Jinsi, Global Head, Venture Capital, IFC. "Ioxus' ultracapacitor technology, seasoned executive team and successful business model is a strong fit with our aim to support companies poised to have an impact on real time issues such as pollution prevention in developing countries."
China is the number one market in the world for 'new energy' buses, passenger rail, automobile sales and renewable wind power generation, and Ioxus products directly benefit those applications. China is a fast developing country with more than four times the population of the United States. With the assistance of IFC, Ioxus will significantly expand its sales, customer service and manufacturing presence in China.
"I believe we have without question the strongest set of financial backers of any company in our industry, with the likes of GE, Alstom and now IFC with its presence in China" said Mark McGough, CEO Ioxus. "Our technology sets us apart from the competition; for instance our iMOD product can cut emissions 72% on every diesel bus in China. Customers love what Ioxus designs and they are driving our supercharged growth."