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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.
The company said the funds will be used to continue ISE's rapidly growing sales to the transit bus marketplace in the US and Europe and the expansion of the company's prominent 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."
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