The International Finance Corporation (IFC), the investment arm of the World Bank Group, and the Westly Group, a venture capital firm based in California, have led a $21m series C round for ultracapacitor technology startup, Ioxus.
To date, Ioxus has now raised $57m in funding, including a $21m round in 2011 funded by Energy Technology Ventures, the joint venture formed by GE, NRG Energy and ConocoPhillips, and VC firm Aster Capital, which is sponsored by Alstom, Schneider Electric and Rhodia, as well as Northwater Capital and Braemar Energy Ventures.
New York-based Ioxus, which manufactures ultracapacitor energy storage systems for use in transportation, will use the investment to expand into China. Ioxus chief executive Mark McGough believes that the company’s ultracapacitors could reduce emissions from China’s hybrid buses by up to 72%.
The investment is part of the IFC’s plan to invest in companies that are developing technologies to address climate change in emerging markets.