Cascadia Capital Advises Ioxus, Inc. in Acquisition by XS Power Batteries

Ioxus, Inc. Logo has been acquired by XS Power Batteries Logo

Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Ioxus, Inc. and its investors (“Ioxus”), a leading developer and manufacturer of ultracapacitors and energy storage products, in its acquisition by XS Power Batteries (“XS Power”).

Ioxus is an ultracapacitor technology and products company that designs and manufactures cells and modules for high-growth applications in e-commerce delivery, renewables, wind turbine pitch control, microgrid, industrial and 5G telecom markets. Ioxus’ U.S. and Japanese operations have a history of providing mission-critical, high-power requirement energy storage products to fleets, and large machinery and equipment manufacturers seeking to design the most efficient, reliable and cost-saving applications.

XS Power was established in 2005 and supplies AGM, lithium, superbank and chargers to the automotive, military, marine, powersports and other recreational sectors. The company also sells various electrical and audio components and accessories. XS Power had worked with Ioxus in the past, integrating Ioxus’ ultracapacitors into their own products. XS Power saw the acquisition as a way to further expand its own product capabilities and product set.

“Cascadia positioned the value of Ioxus around its technology, customer relationships, and validation from some of the largest commercial fleets in the world, emphasizing the large and growing market opportunity in energy storage,” noted Jamie Boyd, Managing Director at Cascadia Capital. “The Ioxus team has found a terrific partner in XS Power, and we look forward to seeing what they can achieve together in the future.”

“Cascadia was an involved and resilient advisor throughout this process,” added Mark Mcgough, CEO of Ioxus. “They had deep industry expertise, as well as the creativity and resolve needed to effect a transaction during an extremely challenging period of time.”

The transaction represents another successful transaction for Cascadia’s Energy & Applied Technology practice in the energy storage sector. Recent clients in the energy storage space include Demand Energy and 1Energy.

For more information about this transaction, please contact the Cascadia Capital deal team:

Jamie Boyd
Managing Director
(206) 436-2514

Yee Lee
Vice President
(206) 436-2544

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