Ioxus to raise funds from IFC to expand in developing regions

US-based Ioxus is planning to raise $5 million from IFC to support its new developments that would enable product transfer to other developing regions, including Southeast Asia. The company has proposed to raise a total capital of $21 million.

Founded in 2007, Ioxus develops and makes ultracapacitors with higher power and energy density than traditional ultracapacitors at lower cost. The company's technology caters to sectors such as start-stop applications for transport, pitch control for wind power 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.

IFC proposes an investment of up to $5 million, as part of a series-C $21-million fund-raising, to support the growth of Ioxus. IFC will co-invest on the same terms with Westly Group, and existing investors, according to the company's project disclosure. The investors in the company are GE, Braemar, Northwater, Conoco Phillips, Alstom, Schneider and Aster.

Through this long-term financial partnership, Ioxus will benefit from IFC's patient capital and flexibility in structuring and investment products. IFC can offer loans and assistance in obtaining support from local banks, including providing partial guarantees.