The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports

Local News

July 25, 2013

Ioxus CEO: Dozens of jobs are coming

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.

Text Only
Local News

Additional Content
Join the Debate
Additional Resources
CNHI News Service

Is Israel justified to conduct its military campaign against the Hamas in Gaza?

Undecided/no opinion
     View Results