Ioxus, Inc., Oneonta Awarded NYSERDA Manufacturing Business Incentives

April 15, 2009

Albany, NY — The New York State Energy Research and Development Authority has awarded up to $1.5 million in incentives to an Oneonta firm developing an innovative energy-efficient product. This is the first award under NYSERDA’s enhanced Manufacturing Business Incentive Program, an open-ended application for bridge funding available to firms manufacturing innovative energy-efficient products in New York State. Ioxus, Inc., formerly known as Renewable Energy Development, Inc. or REDI, a subsidiary of Custom Electronics, Inc. in Oneonta, has shown significant prospect in developing new products that are energy efficient and demonstrated its need for bridge capital to bring those products to market.

Ioxus is establishing a manufacturing facility in Oneonta to develop electric double-layer capacitors (EDLC) and modules using EDLCs. The technology shows great promise because it stores much more electrical energy than traditional capacitors, therefore making it attractive for use in combination with batteries, solar cells and other power sources. When used in combination with a battery or other energy source, the EDLC reduces power drain from the source, thereby extending its available life.

NYSERDA’s enhanced manufacturing incentive program provides up to $1.5 million of funding to qualified companies that establish manufacturing facilities in investor-owned utility service territories in New York State. Companies manufacturing products to produce clean or renewable power, or energy- efficient products that result in a substantial decrease of electricity use, compared to existing products, may apply for this program.

Gov. David A. Paterson said: “New York State is committed to tapping our ingenuity and growing the clean-energy technology sector to revitalize manufacturing. To boost our efforts, this incentive program is part of a suite of NYSERDA initiatives that address clean energy startups, business growth and manufacturing expansion. These programs’ applications are open-ended and can award up to $1.5 million to clean-energy manufacturing applicants.”

Francis J. Murray, Jr., NYSERDA President and CEO noted that “NYSERDA offers with this funding the kind of bridge financing that many young companies need and especially in our current economy, often cannot obtain. Ioxus is committed to meeting our program standards and developing products that can benefit New York with energy efficiency and job development. We are pleased to provide this assistance.”

Michael Pentaris, CEO of Ioxus, Inc. said he “is committed to making Ioxus a leading company in the field of green energy products and revitalizing the upstate economy through the creation of jobs and we appreciate NYSERDA and the State of New York’s help in making this a reality.” He said production will begin in April at its new location in Oneonta.

Ioxus also benefited from NYSERDA’s business assistance program. As a result of this program, Ioxus was able to raise $5 million in venture capital funding to develop its manufacturing facility. NYSERDA’s Program Opportunity Notice (PON) 1260 provides similar opportunities for companies. It supports business activities that aid in the expansion of the clean energy industry by reducing the financial risk associated with commercializing innovative technologies, supporting entrepreneurial enterprise, supporting entering new markets and lines of business, and implementing new business models.

Program officials at NYSERDA noted that energy efficiency manufacturers--both native to New York, and from elsewhere with commitments to expand into New York--are applying for the assistance. Information on application requirements and assistance from NYSERDA staff are available on the web at NYSERDA Business Development.

The New York State Energy Research and Development Authority (NYSERDA) was established by law in 1975 as a public benefit corporation. NYSERDA provides energy-related technical and financial packaging assistance to businesses and institutions to promote energy efficiency and economic development, as well as providing energy research and development programs that promote safe and economical energy production efficiency technologies in New York State. NYSERDA also analyzes the effect of New York’s energy, regulatory and environmental policies on the State’s business, institutional, and residential energy consumers.

CONTACT:

Raymond Hull, NYSERDA
518-862-1090, ext 3356
rwh@nyserda.ny.gov