ISE Corporation Completes $17.5M Equity Financing; Siemens Venture Capital as Lead

18 November 2008

ISE Corporation, Siemens Venture Capital (SVC), Macquarie Clean Technology Fund (Macquarie) and DTE Energy Ventures, Inc. (DTE EV) completed a $17.5 million Series D 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 growing sales to the transit bus marketplace in the US and Europe and the expansion of the company’s energy storage systems.

ISE is the preferred distributor for Siemens heavy-duty motors, generators and inverters in the United States for transit bus applications.

ISE has become a leader in the development and sales of series hybrid drive systems for heavy-duty vehicles 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.

—Gerd Goette, Managing Partner of SVC

To date, ISE has delivered more than 200 hybrid-electric drive systems which have logged more than 9 million miles.

ISE specializes in the production of series hybrid systems. ISE has developed proprietary control systems, comprising both hardware and software, that govern energy use to increase fuel efficiency and reduce emissions. ISE 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.