Ioxus, founded in 2006, reported that it spent more than $1 million to convert the former Soccer Hall of Fame building. When it opened there in 2011, Ioxus has about 60 employees, up from 29 at the end of 2010.
Previously, Ioxus was on Winney Hill Road, also in the town of Oneonta.
IOXUS PRODUCT AND THE LIRR PROJECT
NYSERDA recently awarded a contract for the LIRR project to Electrical Power worX Corp. of Hornell to develop an ultracapacitor energy storage system for use in subway and commuter rail systems.
EPX selected Ioxus to supply ultracapacitors to the LIRR after consultation with NYSERDA, the Ioxus release said. NYSERDA made its decision following demonstrations that detailed how Ioxus ultracapacitors would help the LIRR reduce energy consumption by up to 30 percent and improve railway operations.
The EPX product can be used for voltage support to eliminate the need for costly substation upgrades or to capture the braking energy from trains, NYSERDA officials said Tuesday.
Ultracapacitors charge and discharge quickly, making them ideal for voltage support needs and recovering energy that would otherwise be lost in light rail transportation, an Ioxus media release said.
“The demand for ultracapacitors from commuter rail, metro and light rail transportation is growing, and we are delighted to be working with the LIRR, which is the busiest commuter railroad in North America,” said Mark McGough, chief executive officer of Ioxus, in a media release. “NYSERDA and LIRR decision to select Ioxus ultracapacitors demonstrates our superior technology in the energy storage space.”
NYSERDA previously backed the Ioxus product when it was under development by Custom Electronics, which later spun off Ioxus. Since Ioxus has been a separate company, NYSERDA has supported it directly in the development of several projects.
BUSINESS EMERGING IN CHINA
Earlier this month, Ioxus reported the completion of its Series C funding, announced in July, with receipt of $21 million from investors.