International Finance Corp., a member of the World Bank Group, and the Westly Group, a venture capital firm in Menlo Park, Calif., led the financing.
Ioxus will use the funds to expand customer service, sales and manufacturing in Asia, with a focus on China, a media release said.
China is the No. 1 market worldwide for “new energy” buses, passenger rail, automobile sales and renewable wind power generation, the April 3 release said, and Ioxus projects expanding business in China with assistance of IFC.
“I believe we have without question the strongest set of financial backers of any company in our industry, with the likes of GE, Alstom and now IFC with its presence in China” said McGough said in the release.
Among IFC’s priorities are addressing climate change and promoting the production and use of environmental technologies in emerging markets, IFC executive Nikunj Jinsi said in the release, and Ioxus ultracapacitor technology and business model are a “strong fit” with those goals.
McGough said use of the Ioxus “iMOD” product can cut emissions 72 percent on every diesel bus in China.