Thanks in part to a $15 million equity offering, Ioxus expects to bring 20 to 40 additional jobs to Oneonta by the end of this year, the company’s president and CEO said Wednesday.
The Oneonta-based company makes ultracapacitors — energy-storage devices capable of rapidly storing and releasing electricity. The company currently employs 34 production workers, but that number may be set to increase thanks to a recent wave of investment in the company.
Ioxus CEO Mark McGough said the company has approximately 130 employees. Of these employees, 74 are based in Oneonta, 15 in Schenectady and the rest are mostly in Japan. Ioxus’ only manufacturing facility is in Oneonta, in the building formerly occupied by the U.S. Soccer Hall of Fame. The building also serves as the company’s headquarters.
The Westley Group, a venture capital firm based in Menlo Park, Calif., led the financing of $15 million in Series C Funding for Ioxus. As the lead investor, the Westly Group set the terms of the financing, while Series C means this is the third time Ioxus has made an equity offering.
Additional investors in this first closing of Series C include General Electric, Braemar Energy Ventures and Northwater Capital Management.
Ioxus is hoping to raise $20 million with this offering, and McGough said he’s confident they’ll be able to do so.
“We have ongoing discussions with additional investors,” McGough said.
McGough said he expects that Ioxus will close the offering by the end of the year. The reason for this is that Ioxus had over 100 percent growth in 2011, 2012 and 2013. Because of this, the company is expected to be more valuable next year, which would make the terms of the current equity offering no longer advantageous to Ioxus.
As for how this money will be put to work, McGough described it having a noticeable local effect.
“We’re going to continue to expand our presence in Oneonta with additional jobs,” McGough said.
When asked for an estimate, McGough said he expected Ioxus to add 20 to 40 jobs in Oneonta by years end, adding that the company’s growth already appears to have produced results.
“Just in the last 30 days, I’ve probably authorized 10 new positions in Oneonta,” said McGough, saying that most of those positions were in production.
As for farther in the future, McGough says that although they are exploring other options, they would like to keep expanding their presence in Oneonta.
“My plan A is to stay in this area and to expand in this area,” sad McGough.
“We’re looking for the best and the brightest,” said McGough when asked what kind of people Ioxus was looking to employ, noting that the company was competing on a global scale.
McGough also said the company currently had positions open.
Some of the places Ioxus’ technology can be found are in wind turbines, hybrid buses, and manufacturing facilities. The company is also looking to put their ultracapacitors into trains.