Ioxus, a US-based battery maker and energy storage company, has announced that its recent $15m series C funding round was led by venture capital firm The Westly Group, with participation from existing corporate venturing funds Energy Technology Ventures, a joint venture of General Electric, NRG Energy and ConocoPhillips, and Aster Capital, which is backed by European industrial groups Alstom, Schneider Electric and Rhodia. Other, existing investors who participated in the C round were financial investors Northwater Capital Management and Braemar Energy Ventures.
Previously in April 2011, Ioxus raised $21m in a series B round from investors including Energy Technology Ventures, Aster Capital, Northwater Capital and Braemar Energy Ventures.
Ioxus plans to use the funds to further research and development, expand its manufacturing capabilities and increase sales and marketing operations.
Mike Dorsey, managing partner, The Westly Group, said: “Through our exhaustive research into the energy storage space, it was clear that Ioxus’ market-leading technology, proven business model and seasoned management were the right combination of factors for creating a successful business.”
Mark McGough, chief executive officer of Ioxus, said: “We have a tremendous stable of investors who share our vision for energy storage and see the same, massive potential for Ioxus that we do. The Westly Group has a great track record of picking industry winners and we intend to add to that list.”