San Diego-based ISE Corporation, a supplier of hybrid-electric drive systems and components for heavy-duty vehicles has raised $17.5 million in a Series D round of stock financing.
New investors in this round include Siemens Venture Capital (SVC), Macquarie Clean Technology Fund and DTE Energy Ventures, Inc.
ISE is a 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 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.
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.
To date, ISE has delivered more than 200 hybrid-electric drive
systems which have logged over 9 million miles.
The financing round also included 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."
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