Ioxus to raise funds from IFC

The $5 mn funds would enable product transfer to other developing regions, including Southeast Asia

US-based Ioxus, which develops and manufactures ultracapacitors with higher power and energy density than traditional ultracapacitors at lower cost, is planning to raise $5 million from IFC to support its new developments which would enable product transfer to other developing regions, including Southeast Asia. The company proposed to raise $21 million capital in total.

Founded in 2007, Ioxus develops and manufactures ultracapacitors with higher power and energy density than traditional ultracapacitors at lower cost. The company’s technology caters to different sectors, including start-stop applications for transportation, pitch control for wind turbines, industrial automation and power tools.

The funds raised will be deployed to expand facilities, develop sales and marketing, and expand product offerings and application portfolio. The company said the fund raising would help the company transfer the products to developing regions, such as Southeast Asia.

IFC proposes an investment of up to $5mm, as part of a Series C $21 mm total capital raise, to support the growth of Ioxus. IFC will co-invest on the same terms with Westly Group, and existing investors, according to company’s project disclosure. The Existing investors in the company include GE, Braemar, Northwater, Conoco Phillips, Alstom, Schneider, and Aster.

Through this, Ioxus will benefit from IFC’s capital and flexibility in structuring and investment products. IFC can offer loans and assistance in obtaining support from local banks, including providing partial guarantees potentially through the CHUEE program, said IFC. Besides, IFC can offer its knowledge and experience in the transportation and infrastructure sector, combined with expertise from the World Bank Transport and Urban Team.