Ioxus Acquires Advanced Energy Conversion (AEC) to Deliver Full Range Ultracapacitor Cells and Modules

Acquisition Marries Ioxus’ Ultracapacitor Cell Design Expertise with AEC’s Systems Application Experience

Oneonta, N.Y., September 27, 2010 – Ioxus, Inc., the only U.S. manufacturer of innovative ultracapacitor technologies for military, transportation and alternative energy markets, today announced it has acquired Advanced Energy Conversion (AEC), which specializes in energy conversion systems using embedded controls, power electronics, and electric machines. Ioxus will incorporate AEC products into its current offerings to deliver the most comprehensive, energy-efficient systems solutions for hybrid electric vehicles, wind pitch control and other energy storage applications.

Ioxus, which worked with AEC on several projects prior to the acquisition, plans to expand AEC’s 12-member staff and retain its New York-based property, creating local jobs and maintaining its status as the only ultracapacitor company manufacturing exclusively in the United States.

“Ioxus is focused on enabling the rapid growth of energy generation and cleantech markets around the world, and the acquisition of AEC’s capabilities in energy conversion systems helps us progress toward that goal,” said Mark McGough, CEO of Ioxus. “The acquisition of AEC boosts our ability to quickly customize our products’ design to meet the individual needs of our clients, whether they are looking for individual large cell prismatic electrochemical double layer capacitors (EDLC) or a complete system.”

For more than 10 years, AEC designed, tested and produced electronic power converters, embedded control systems, and electric machines for customers including John Deere, General Motors, American Electric Power, the Department of the Navy, and the Air Force Research Laboratory. The company earned design awards from NASA and the U.S. Department of Defense, as well as a reputation for providing fast turnaround for customized product development. AEC’s mission to improve efficiency, reduce fuel consumption and add functionality to a variety of power applications mirrors Ioxus’ commitment to creating environmentally friendly devices that improve packaged energy and power density, simplify integration and enhance performance.

David Torrey, formerly of AEC and now Ioxus vice president of engineering, said, “The products we built at AEC complement Ioxus offerings and present the market with a cohesive, yet wide-reaching array of energy storage options that incorporate the highest density and performance with the lowest cost. AEC joins Ioxus at a time in which numerous industries are actively seeking alternative power options, and we look forward to working together as one company to lead the market in fulfilling that need.”

Additional Ioxus Information:

• Ioxus data sheets: http://www.ioxus.com/data-sheets.html
• Ioxus design requests: http://www.ioxus.com/design-request.html
• Ioxus on Twitter: http://www.twitter.com/ioxus

About Ioxus, Inc.

Ioxus is the only company that develops, manufactures and commercializes innovative ultracapacitor technologies entirely in the United States. The company provides cost-effective, green energy solutions for the military, transportation and alternative energy markets. The Ioxus family of ultracapacitors is uniquely optimized for high performance with low resistance, ideal for delivering high power bursts for acceleration, energy recapture, peak load shaving and high power applications. Ioxus was established by its affiliate company, Custom Electronics, Inc., which has supplied commercial and military clients with high reliability capacitors and integrated electronic assemblies since 1964. Ioxus is headquartered in Oneonta, N.Y. For more information, visit www.ioxus.com.

For more information, contact:
Melissa Cohen
Metis Communications
617-236-0500
melissa@metiscomm.com

Ioxus Appoints Mark McGough as President and Chief Operating Officer

Energy Technology Veteran Takes the Helm at Ioxus to Steer Company's Growth and Further Develop its Leadership Position in Growing Ultracapacitor Market

ONEONTA, N.Y.--(BUSINESS WIRE)--Ioxus, Inc., the only U.S. manufacturer of innovative ultracapacitor technologies for transportation, alternative energy and military markets, today announced the appointment of Mark McGough as president and chief executive officer. McGough joins Ioxus to help the company in its ongoing mission to become a high-volume manufacturer, developer and provider of ultracapacitor-based energy storage and power delivery solutions.

McGough formerly served as CEO of Pentadyne Power Corporation and Envinta Corporation and Energetics PLC and was a division president and general manager at Maxwell Technologies, where he launched a new business unit focused on ultracapacitors. Additionally, The World Economic Forum named Pentadyne under McGough’s leadership as a technology pioneer, and Red Herring Magazine identified him as a “shooting star.” During nearly three decades of leadership with technology and energy companies, McGough has established a long record of success in commercializing new technologies, growing revenue and initiating high-volume production.

“Ioxus is patenting game-changing ultracapacitor technology; it is this technology and the outstanding management team that brought me here. Ultracapacitors as a class are finally seeing broader adoption in the market, and now Ioxus is poised to offer a next generation of this technology that is many times more powerful and energy dense than previous offerings,” said McGough. “I look forward to working with this talented team to introduce ultracapacitor designs that rival batteries in energy density but with far better charge rates and cycle life.”

In addition to his extensive experience in the energy technology industry, McGough brings specific familiarity with the ultracapacitor market to his new position. While at Maxwell Technologies, McGough moved that company’s ultracapacitor offering from a lab prototype to a full-fledged business unit, sparking significant product revenue.

“Mark McGough understands how to take a business to the next level of profitability by developing channels and commercializing promising new energy storage technologies,” said Bill Lese, a managing partner of Braemar Energy Ventures and a member of Ioxus’s board of directors. “He has the experience and the enthusiasm Ioxus needs to reach its potential as a market leader and innovator, and we look forward to his leadership.”

McGough replaces acting CEO Michael Pentaris, who will return to his role as president and CEO of Custom Electronics, Inc. (CEI), Ioxus’ affiliate company, and will remain on the Ioxus board of directors. Under McGough, Ioxus Chief Strategy Officer Robert Jaworski will assume the new role of chief financial officer.

Additional Ioxus Information:

• Ioxus data sheets: http://www.ioxus.com/data-sheets.html
• Ioxus store: http://www.ioxus.com/store/
• Ioxus recent news: http://www.ioxus.com/news_ioxus.html

About Ioxus, Inc.
Ioxus is the only company that develops, manufactures and commercializes innovative ultracapacitor technologies entirely in the United States. The company provides cost-effective, green energy solutions for the military, transportation and alternative energy markets. The Ioxus family of ultracapacitors is uniquely optimized for high performance with low resistance, ideal for delivering high power bursts for acceleration, energy recapture, peak load shaving and high power applications. Ioxus was established by its affiliate company, Custom Electronics, Inc., which has supplied commercial and military clients with high-reliability capacitors and integrated electronic assemblies since 1964. Ioxus is headquartered in Oneonta, N.Y. For more information, visit www.ioxus.com.

Media Contact:
Melissa Cohen
Metis Communications
617-236-0500