ISE raises $17.5 million for hybrid engines

Poway, Calif.-based ISE Corporation announced it has received $17.5 million in equity to grow sales of its hybrid-electric drive systems for heavy-duty vehicles.

Investors in the Series D preferred-stock round included Siemens Venture Capital, Macquarie Clean Technology Fund, DTE Energy Ventures, RockPort Capital Partners and NGP Energy Technology Partners.

The company previously announced $5.5 million of the round, which was then expected to be $25 million (see Cleantech deals in garbage, lighting and batteries). The company raised $37.6 million in previous rounds.

ISE has sold 200 hybrid systems for transit buses in the U.S. and Europe. ISE is the preferred distributor for Siemens heavy-duty motors, generators and inverters in the United States for transit buses.

The relationship with "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, in a release.

ISE designs, develops and manufactures hybrid systems and components for heavy-duty vehicles, such as transit buses and trucks. The company is also developing energy storage systems and fuel cell control technologies for heavy-duty vehicles.

ISE's technology decouples the combustion engine and driveline to improve efficiency. The company also have developed proprietary control systems to improve efficiency.

The company has supplied its lightweight electric motive drive system for a $24 million program by Pasadena, Calif.-based Calstart and others to test new and existing fuel cell technologies on transit buses in the state to help commercialize the use of hydrogen systems (see Calstart starts up fuel cell bus projects).

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