Ioxus, a US-based battery maker, has raised $21m in its series B round from a consortium including two tri-party corporate venturing funds.
Energy Technology Ventures, a $300m General Electric-NRG Energy-ConocoPhillips joint venture set up in January, and Aster Capital, backed by European industrial groups Alstom, Schneider Electric and Rhodia, were the two funds. The others in the consortium were Northwater Capital, through its Northwater Intellectual Property Fund, and venture capital firm Braemar Energy Ventures.
Kevin Skillern, venture capital leader at GE Energy Financial Services and Energy Technology Ventures, said: "Ioxus is developing lighter, more compact and cost-efficient energy storage technologies that will be relied on to complement or replace rechargeable batteries in a wide variety of consumer and industrial products, such as handheld electronic devices, hybrid electric vehicles, wind turbines, aircraft and medical equipment."
Ioxus makes ultracapacitors, which are electronic components for releasing and absorbing bursts of high power for short periods over many more charge and discharge cycles than batteries. When paired with batteries, ultracapacitors provide peak power, such as for hybrid electric vehicles to capture energy during braking, and help temporarily store intermittent energy produced by solar, wind and wave energy projects, and they deliver the power to the grid when needed.
Mark McGough, chief executive (CEO) of Ioxus since September, said: "Our new strategic investors, who are global leaders and have a resident demand for ultracapacitors, will help move Ioxus forward in its mission to design and manufacture the finest ultracapacitors on the market."
McGough replaced acting CEO Michael Pentaris, who returned to his role as president and CEO of Custom Electronics, which span Ioxus off in 2006, when it was called Renewable Energy Development.