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.
The funds will be used to continue ISE's rapidly growing
sales to the transit bus marketplace in the U.S.
and Europe and the expansion of the company's
prominent energy storage systems. The 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.
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. The company 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.