ISE Corp. Completes $17.5 Million Equity Financing With Siemens Venture Capital As LeadNovember 17, 2008 by Jeff Shepard
ISE Corp., Siemens Venture Capital, Macquarie Clean Technology Fund and DTE Energy Ventures, Inc. announced the completion of a $17.5 million equity investment in ISE, a supplier of advanced hybrid-electric drive systems and components for heavy-duty vehicles. This Series D preferred stock financing also includes additional investments from RockPort Capital Partners and NGP Energy Technology Partners, investors in ISE’s previous Series C and Series B preferred stock financings. The funds will be used to continue ISE’s sales to the transit bus marketplace in the US and Europe and the expansion of the company’s energy storage systems.
"ISE has become a leader in the development and sales of series hybrid drive systems for heavy-duty vehicles," said Gerd Goette, Managing Partner of SVC "with an exciting backlog of orders for new diesel, gasoline and hydrogen systems. The Siemens Industry Sector has been working closely with ISE for a number of years and has a sales agreement with ISE." ISE is the preferred distributor for Siemens heavy-duty motors, generators and inverters in the United States for transit bus applications.
"As the worldwide leader in numerous areas of electronics and engineering, Siemens offers ISE support and credibility as we address the rapidly growing worldwide market for hybrid systems for heavy-duty vehicles," said David Morash, ISE’s Chief Financial Officer. "The additions of Siemens Venture Capital, Macquarie and DTE EV as investors offer further financial strength in these challenging times, along with the continued support by NGP and RockPort."
ISE describes itself as a leading designer, developer and manufacturer of hybrid-electric drive systems and components for heavy-duty vehicles, such as transit buses and trucks. In addition, ISE is a world leader in energy storage systems and fuel cell control technologies for heavy-duty vehicles, and the preferred distributor and system integrator of Siemens ELFA® electric and hybrid-electric drive components for the U.S. transit bus market. To date, ISE has delivered more than 200 hybrid-electric drive systems which have logged over 9 million miles.
ISE specializes in the production of "series" hybrid systems, where the combustion engine is completely decoupled from the driveline and used only to generate electrical power, thereby allowing the engine to operate in a smoother and more efficient mode. ISE has developed proprietary control systems, comprised of both hardware and software that govern energy use to increase fuel efficiency and reduce emissions. ISE states that it has also developed advanced energy storage systems and electrically-driven accessories that provide operational and performance advantages. ISE combines its proprietary control systems, advanced energy storage systems and electrically-driven accessories with electric motors, motor controllers, generators and other high quality components that it develops internally or purchases from industry leading suppliers, such as Siemens.